Galaxy Digital CEO Mike Novogratz gives his new prediction of Bitcoin. According to him, the top digital coin would target $500,000 if it grabs the whole market cap of gold.
Bitcoin: Digital Gold
During his talk with MicroStrategy CEO Michael Saylor, Novogratz explained that Bitcoin would function as the best hedge instrument rather than the medium of exchange. The leading cryptocurrency would gradually replace the gold bullion by 100% in the future, but it will take years.
According to the Galaxy Digital CEO, Bitcoin is the next digital gold as it has all features to be used as the best hedge investment. What’s more, it is designed to be used as “a store of value.” Ultimately, it would catch up with the $10 trillion market cap of gold bullion.
Novogratz predicted that top digital currency would grab 10% of the gold cap by the end of the year. And in the long-term, Bitcoin would fully replace the gold bullion’s market cap and would claim $500,000. He elaborated that Bitcoin will not get the mainstream position in days but will take a lot of years plus an increase in crypto education.
At press time, Bitcoin’s value is standing at $47,297 after a slight decrease of 0.68% in the last 24-hours. The flagship currency is one of the best performing coins of the week as it is up 17.82% in the previous 7-days.
Novogratz is now among the big list of extremely bullish people on the world’s largest digital coin. Famed hedge fund manager Anthony Scaramucci presented his prediction that high flying digital asset is likely to claim $100,000 by the end of 2022. He recently got attention to the crypto sector after Bitcoin outshined all traditional assets in quarterly performance. Scaramucci’s management firm Skybridge Capital came up with a fund entitled Skybridge Bitcoin Fund. According to him, the fund is close to reaching $100 million, a big milestone.
Big tech companies and financial giants are taking a huge interest in crypto products. Tesla, the largest carmaker, recently purchased Bitcoin worth $1.5 billion. Tesla’s purchase pumped BTC value to a new all-time high of $49,000. Payment Company Mastercard also announced supporting digital assets in the future.