Galaxy Digital founder and CEO Mike Novogratz shared his predictions about the price values that Bitcoin will reach in five to ten years, given the asset’s correlation with gold.
Mike Novogratz said in an interview with Bloomberg that Bitcoin could equal gold in market capitalization in the next decade. The capitalization of the main precious metal is currently $16 trillion, making it the most expensive asset in the world.
To reach such a value, Bitcoin must trade at $800,000 per coin, and this is quite possible, Novogratz believes. He explained his assumptions by the change in interest in the market among a new generation of investors who are increasingly attracted to Bitcoin. Young investors believe that it is Bitcoin that will help protect savings from growing inflation, and not gold.
Bitcoin could reach $500,000 if the cryptocurrency becomes part of the U.S. Treasury’s reserves, Novogratz added. If the United States follows through with its strategy to acquire 1 million bitcoins, other countries will follow suit, which will drive even more demand for bitcoin.
The businessman recalled that Trump was nicknamed the “Bitcoin President.” Novogratz mentioned a recent report by China Central Television (CCTV) that discussed Trump’s plans to create a strategic reserve in BTC.
However, the head of Galaxy Digital himself believes that the reserve is unlikely. The bill may not pass the Senate, even if it is approved by the House of Representatives. If the bill is passed, the investor promised to be happy, because he invested a lot of money in bitcoin.
Novogratz called on the US authorities to buy more bitcoins and abandon their biased attitude towards digital assets.
Novogratz previously said that positive changes will occur in the crypto market regardless of who wins the presidential election. According to the businessman’s recent forecast , if Bitcoin breaks the $73,000 level, it will jump over the $100,000 mark by the end of the year.
