Crypto Champion Mike Novogratz Remains Bullish on Bitcoin, Says BTC Prime for Bull Run
Mike Novogratz Remains Bullish on Bitcoin
There are few things for certain in this changing cryptocurrency space. Chief among them is the concept that former Wall Street executive and excited Bitcoin bag-holder Mike Novogratz will remain optimistic about the future price of the world’s most popular cryptocurrency.
Novogratz gained notoriety in the space for his analytics when he famously predicted that Bitcoin would hit a monster $20 trillion market capitalization within the next decade. The billionaire was mostly mocked by traditional investors, while he was lauded as a champion within the crypto markets.
Rather than back down from his controversial prediction, the Galaxy Digital CEO and Founder has remained consistently bullish on the future valuation of Bitcoin, an asset of which he owns a significant amount. In his latest bullish lament, he espoused his view that the currency is finally ready to return to a period of growth.
Following this crypto winter, this should be welcome news for many within the cryptocurrency community. A price crash of significant amount for Bitcoin earlier this year sent the markets into a clear freefall, with altcoin down across the board and even the top currencies continuing to be hit hard.
But the recent weeks have been particularly bullish, and many currencies remain overall in the green this week. According to Novogratz, this is not a mere coincidence, but it just might be the sign of a bullish future that the crypto space desperately wants to see.
One big reason for his optimism is Novogratz’s idea that institutions are going to continue to jump into the market, flooding it with the kind of market cap needed for positive growth. Institutions are afraid of “missing out,” according to the Bitcoin bull. Though he did not expand too much on the reason why institutions are just choosing now to invest in Bitcoin, Novogratz was clear in his opinion that a domino effect is coming—and quick.
As the “custody and service providers” begin to get involved in the crypto space, Mike Novogratz believes that the “pension funds and endowments” will become interested in investment in crypto. This would be huge for the markets, which yearn for the involvement of the trillions of dollars concentrated in these massive investors and institutional backers.
Store of Value
In the long term, Novogratz is even more optimistic about the future of cryptocurrency—of Bitcoin specifically. As the world economic system continues to present problems so ingrained in the centralized system that the flaws of such a system cannot be ignored, the billionaire maintains that Bitcoin will be seen as a functional and effective, safe way to store value.
This store of value used to happen in the form of gold. But because traditional ways to store value, such as gold, are physical assets that can be taken easily, the relative security of cryptocurrency wallets is an appealing concept to many.
Novogratz is bullish on the Bitcoin markets because he believes that this population that is comfortable and happy to store value in BTC will continue to grow, revitalizing the market with fresh blood and excited participants.