Bitcoin To $800K? Galaxy Digital CEO Unveils Bold 5-10 Year Forecast
Now that Bitcoin short-term price action remains bullish, driven by US President Donald Trumps vocal support for crypto, analysts ponder the following question: How will Bitcoin perform in five to 10 years?
For Galaxy Digitals Mike Novogratz, using gold as a benchmark, Bitcoin can hit $800,000 in five to 10 years.
In a Bloomberg Television interview, Novogratz joins other analysts on their bullish take on the top digital asset. He added that Bitcoin will remain upward and trade at $800k in the next five to 10 years, approximating golds $16 trillion market value.
Bitcoin To Match Golds Market Cap: Analysts
Trumps win is arguably one of the triggers for Bitcoins recent price action. A few days ago, Bitcoin edged out silver in the list of Top 10 assets in the market cap department. Today, the digital asset tops Saudi Aramco on the same list, with a valuation of $1.79 trillion. With the continuous climb in digital assets, many ask if they match golds market cap.
According to Novogratz, the shift in market interest among the new generation of consumers and traders is helping Bitcoin. He stated that todays investors prefer Bitcoin, which is considered a digital store of value.
Aside from Novogratz, other market analysts and industry personalities use gold as Bitcoins benchmark. For example, Howard Lutnick and Anthony Scarammucci have also compared both assets, saying that Bitcoin will beat golds market cap soon.
Bitcoin To Trade In $500k Level If It Becomes Part Of US Reserve
The Galaxy Digital founder also predicts that Bitcoins price will hit $500k if the US government decides to integrate the digital asset as part of the Treasury. Novogratz made this bold projection based on the current bullish trend and potentially favorable policies for crypto.
Novogratz added that if the US decides to acquire up to 1 million BTC, then this will force other governments to invest as well, pushing the demand. In addition, Trumps support for Bitcoin and crypto is also fueling the bullish run of the asset.
Novogratz Not Confident On Governments Decision To Add BTC As Reserve Asset
Although Novogratz identifies a $500k target, he thinks the US Treasury will likely not add this asset. He predicts that theres a considerable chance the bill may not pass the Senates approval, although the House gives its go-signal.
Novogratz remains bullish on Bitcoin and advises the US government to acquire more and double down on its campaign to promote digital assets. He added that the government doesnt need to support the USD with other assets. In the same Bloomberg interview, he further shared that hes heavily invested in Bitcoin and will welcome the possibility of the reserve bill getting approved.
Featured image from Pexels, chart from TradingView
Source: NewsBTC.com
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