As Digital Gold, Bitcoin is “Just Going to Keep Going Higher,” says Galaxy’s Mike Novogratz

Billionaire investor says “every single company has to have a plan now” and the entire payment system is going to change.

Billionaire investor Mike Novogratz doesn't see Bitcoin as a currency; rather, he doubles down on the digital currency as digital gold.

“I don’t think Bitcoin is going to be used as a transactional currency anytime in the next five years,” said Novogratz, founder, and CEO of Galaxy Investment, in an interview with Bloomberg. “Bitcoin is being used as a store of value.”

As a digital gold, he sees Bitcoin going a lot farther.

“And so Bitcoin as a gold, as digital gold is just going to keep going higher,” said Novogratz.

“More and more people are going to want it as some portion of their portfolio.”

This week, BTC price broke into a new 2020 high with a surge above $13,000 after PayPal announced support, a move heralded as game-changing.

According to him, other companies like Mastercard, Visa, and American Express will follow suit “within a year.”

“It’s no longer a debate if crypto is a thing if Bitcoin is an asset if the blockchain is going to be part of the financial infrastructure,” he said.

“It’s not if, it’s when, and so every single company has to have a plan now.”

All of this has been because of the coronavirus pandemic, which Novogratz said has “accelerated adoption of crypto.”

This acceleration happened in two ways: “the macro story with Bitcoin” and the digitalization of the financial services system, which is currently centered on the Ethereum network and, as per him, “going to mostly be built” on it only as well.

Already, the digital currencies are leading the rally, beating not just traditional assets but also the banking stocks, which are down 20 to 60%.

“The entire payment system of the financial system is going to change, and it’s going to change much faster than people thought.”

And this financial infrastructure is going to be built around blockchain, he added.

In a separate interview with CNBC, he talked about expecting the Democrats to win both the White House and Congress and the tax plan of Joe Biden will create buy the dip opportunities as the next stimulus will provide a ton of cash and people will continue to “pour into speculative assets.”

“We're going to have some volatility around Joe Biden's tax plan, and maybe it gets people a better chance to buy stocks, but people are going to be buyers on dips.”

Bitcoin (BTC) Live Price

1 BTC/USD =16,731.2197 change ~ -11.79

Coin Market Cap

310.45 Billion

24 Hour Volume

58.49 Billion

24 Hour Change

-11.79

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today