Galaxy Digitals Mike Novogratz Says Bitcoin Going to $800,000 in 5-10 Years
Galaxy Digital founder and CEO Mike Novogratz has asserted that Bitcoin would hit $800,000 in five to ten years, citing golds correlation.In an interview with Bloomberg, Novogratz became the latest to argue that Bitcoin would hit golds market cap. He noted that Bitcoin would trade at $800,000 in the next five to ten years, matching golds current $16 trillion valuation.Novogratz cited a shift in market interest among the emerging generation. He stated that the next generation of investors are more attracted to Bitcoin, which they perceive as a digital store of value, over gold.The Bitcoin-gold comparison has reached epic levels, with Novogratz becoming the latest to join the conversation. Famous market experts like Anthony Scaramucci and Howard Lutnick had earlier weighed in on the comparison, asserting that Bitcoin would someday trump the precious metals valuation.Bitcoin Would Hit $500,000 on Reserve FruitionMeanwhile, the Galaxy Digital CEO stated that Bitcoin would trade at $500,000 if the asset became part of the United States Treasury Reserve. He based the assertion on global traction for the pioneering cryptocurrency.Novogratz insisted that the proposed US strategic acquisition of 1 million bitcoin as a reserve asset would force other countries to consider it, spurring pent-up demand. He noted that Donald Trumps Bitcoin President label has attracted global interest toward the crypto firstborn and sees an amazing rally as demand surges.A clear example of Trumps influence on Bitcoin's emerging global interest is a recent China Central TV (CCTV) report spotlighting the President-elects quest to create a US Bitcoin stockpile. The Chinese media aired the development last week as Bitcoin broke to new highs following Trumps win.Novogratz Express Doubt on Reserve FeasibilityWhile the buzz around the reserve intensifies, Novogratz noted it remains a low probability. He asserted that the bill may not pass Senate scrutiny even if the House approves it.However, he urged the United States to acquire a little more Bitcoin, add to its existing stash, and front its digital asset-first bias. The CEO further insisted that the US does not need to back the dollar with any other asset.Moreover, Novogratz stated that he would not cry if the reserve bill passes, as he is heavily invested in Bitcoin. He further reiterated his assertion that the asset would trade at $500,000 if this happened.
Text source: The Crypto Basic
