The founder of Galaxy Digital, Mike Novograc, expressed the opinion that over the next 20 years, the capitalization of Bitcoin (BTC) would “easily” surpass the gold market, currently estimated at $ 7.5 trillion. It is reported by The Daily HODL .
In a conversation with the founder of Morgan Creek Digital, Anthony Pompiano, Novograz stressed that the inflow of institutional money to the cryptocurrency market is only a matter of time, and major players like Goldman Sachs and the Intercontinental Exchange (ICE) are already mastering a new industry.
“I know that Goldman, for example, deals with security tokens. They haven’t really done anything yet, but they are really working on various issues – where to keep money, whether to create their own storage or use third-party services, how to make these assets work, ” Novograts shared his thoughts.
According to him, the growth potential of Bitcoin is strong and therefore it is advisable for investors to include the first cryptocurrency in their portfolios:
“I think the prospects for Bitcoin at the macro level are very significant. Thus, if you take a few percent of the portfolio under BTC, there will be a good chance that this will work fine. Fidelity is ready to start. Bakkt is still a bit delayed, but this cannot last forever. They, like many others, are going to join this game. ”
According to him, the volume of the gold market is $ 7.5-8 trillion and in order to outperform this market, the first cryptocurrency needs to grow in price at least 100 times.
“Bitcoin is unlikely to be able to do this in the next year or two. But will it happen in 20 years? Easy. Other assets do not have such chances, ” Novograts added.
The founder of Galaxy Digital also touched on the topic of bitcoin futures. He said that "CME kicked ass Cboe."
“This is not good, but [for the market] is not critical ,” he stressed.
In February, Novograts expressed the opinion that, thanks to institutional money, Bitcoin would reach $ 8,000.
Publication date 03/26/2019
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