Galaxy Digital CEO Mike Novogratz believes Bitcoin (BTC) might hit a seven-figure value amid rising adoption of the crypto king.
In a brand new interview on CNBC, Novogratz says Bitcoin has turn into an “institutionalized macro asset” similar to gold or silver.
In line with Novogratz, the rising variety of institutional buyers placing cash into Bitcoin will additional draw extra buyers into an asset with a hard and fast provide.
“An increasing number of persons are realizing this can be a story that they need to care about. And so as soon as Larry Fink mentioned BlackRock’s getting behind this, all that pushing the snowball uphill, it began rolling downhill. And now we’ve bought all these treasury corporations shopping for Bitcoin, we’ve bought sovereign wealth [funds] shopping for Bitcoin, we’ve bought retail buyers shopping for Bitcoin, there are simpler methods to get it.
And so the adoption of Bitcoin as a macro asset, as an asset to economize in, I believe that’s now a ball rolling downhill.”
The Galaxy Digital CEO says Bitcoin might go up by over 9x from the present stage because it more and more turns into accepted as a retailer of worth by youthful generations.
“The bull case turns into that over time, younger individuals care about it greater than outdated individuals. And so gold slowly will get changed by Bitcoin. In case you take a look at gold’s market cap and Bitcoin’s market cap, Bitcoin has an extended option to go – 10x. And in order that’s a $1 million Bitcoin simply to be the place gold is. And I believe gold ought to go from $3,000 to $10,000.”
Bitcoin is buying and selling at $105,662 at time of writing.
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Featured Picture: Shutterstock/Vadim Sadovski