Galaxy Digital’s CEO Mike Novogratz thinks Bitcoin (BTC), with its growing popularity, could reach a seven figure price.
Novogratz said in a recent interview with CNBC that Bitcoin is now an “institutionalized asset”, just like silver or gold.
Novogratz believes that the increasing number of investors who are putting their money in Bitcoin will attract more investors to an asset which has a limited supply.
More and more people realize that this is an issue they care about. Once Larry Fink announced that BlackRock was behind the project, everything started to go downhill. Now that we have all of these Treasury companies, sovereign wealth funds, and retail investors purchasing Bitcoins, it’s easier to obtain Bitcoin.
“I think the ball is now rolling downhill as Bitcoin becomes a mainstream asset. It’s a way to save your money.”
Galaxy Digital’s CEO believes that Bitcoin will increase by more than 9x its current value as the younger generation accepts it as a form of store-of-value.
The bull case is that as time goes on, younger people will care more about Bitcoin than older people. So, gold is slowly replaced by Bitcoin. When you compare the market capitalization of gold and Bitcoin, Bitcoin still has 10 times more to go. So that would be a Bitcoin worth $1,000,000 just to get where gold is. Gold should be increased from $3,000 up to $10,000 .”
Bitcoin currently trades at $105,662 as of the time this article was written.
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The post Billionaire Mike Novogratz details massive Bitcoin price target, says BTC adoption as macro asset approaching maximum speed may be updated as new information becomes available.
