Galaxy Digital chief government Mike Novogratz believes the market cap of Bitcoin (BTC) and crypto will ultimately catch as much as the valuation of 1 hovering asset.
In a brand new CNBC interview, the billionaire says that crypto’s correction earlier this yr is essentially as a consequence of an overexuberant investor sentiment together with the launch of speculative belongings, together with the Official Trump (TRUMP) memecoin.
However Novogratz notes that the markets wanted the correction to chill off and set the stage for Bitcoin and crypto to surge to new all-time highs.
“We had a euphoric high proper round [Trump’s] inauguration and a mixture of a number of issues: Trump coin and whatnot…
Crypto went again and examined the place the [US presidential] election breakout was. Now it appears to be like like we’ll take out $106,000, $107,000, $108,000 and make the following to $130,000, $150,000.”
Zooming out, Novogratz believes that Bitcoin and crypto will witness a large surge in market cap over time and rival gold’s present valuation of about $22 trillion.
“And at that time, you’re at value discovery. I maintain pondering that gold is a $22 trillion asset and crypto is a $2 trillion asset. And at one level, as increasingly younger individuals inherit the cash from previous individuals who kiss the face of god, you’re going to see crypto equal gold and that’s a good distance from right here.”
Final yr, the billionaire said the millennials, who stand to inherit the most important switch of wealth in historical past, are extra inclined to put money into digital belongings than their boomer dad and mom or relations.
The good wealth switch will hand $90 trillion in belongings to millennials over the following 20 years, in keeping with the worldwide actual property consultancy agency Knight Frank’s 2024 Wealth Report.
At time of writing, Bitcoin is buying and selling for $103,137.
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