Galaxy Digital CEO Mike Novogratz is challenging popular narratives that pit Bitcoin and gold against one another.
In a new interview with CNBC’s Squawkbox, Novogratz says investors awaiting a gold versus Bitcoin showdown are missing the big picture. He said broad institutional adoption and increased familiarity with the crypto sector at large are the truly significant trends in the space.
Novogratz says that as large corporate entities become more curious about Bitcoin and crypto, they will find new ways to gain exposure to the space, catapulting the industry to heightened levels of visibility.
“If Bitcoin was easy to buy, the price would have been a lot higher. Grayscale trust was a very interesting way for people to get an ETF (exchange traded fund) like exposure… You’re seeing more and more institutional pathways. There are plenty of other funds that are geared towards institutions.
As people do the homework the big hedge funds are going to end up buying Bitcoin themselves and they’re going to custody it. You’re seeing the evolution of this industry and it’s speeding up in an accelerated fashion. I keep saying we can’t hire people fast enough to keep up with the demand from new customers.”
Novogratz predicts that Bitcoin will gradually grow out of its volatility and remain atop the $14,500 mark in the next year. However, the CEO says investors should expect larger price fluctuations as BTC hits new all-time highs.
I say that, and today we traded $19,900 all the way to $18,200. We’re going to have a lot of volatility around this high. I think $14,500 there’s really good support. It shouldn’t go below that next year. I think if we take out $20,000 we’ll go much higher, and I do think we will take out $20,000. Then, $20,000 will become the support.”