‘Bitcoin will be the digital store of wealth in the future’: Mike Novogratz
Mike Novogratz, the founder of Galaxy Digital and an ex-Goldman Sachs partners said that the top crypto Bitcoin will become the “digital store of wealth” in the future, in an interview to Bloomberg on December 18.
Describing the year’s bear run as a “bubble” and the “monster correction” which resulted in major coins losing heaps of market cap, Novogratz describes this as a “mania built on something that was real.”
Looking to the future of the crypto world, the former Goldman Sachs executive has a very “constructive” approach and is buoyed by the progress being made on three fronts, the technology side, the entrepreneurial side, and the institutional side.
“I think it will be Bitcoin that will be the digital store of value,” said Novogratz still certain on his affirmation that the top cryptocurrency that holds over 54 percent of the global coin market will become a universal ubiquitous currency. Adding on to the decentralized developments that will emerge in the future, he said, “we will have Web 3.0, this decentralized worldwide computing system that processes and authenticates data.”
The process of tokenization is also accelerating with Novogratz pushing for more “tokenized objects” in the future, from “LP interest in funds to arts.”
Always the Bitcoin bull, back in October, Novogratz predicted that the top crypto would skyrocket to $10,000 by the end of the year mirroring the late-December 2017 bull run. However, when the BCH hardfork pushed the market cap down by $25 billion and Bitcoin by $1,000, he backtracked and predicted that despite the fall, Bitcoin would hover close to but not touch $9,000.
Novogratz, in early December, compared the crypto industry to a “methadone clinic.” He stated that the Bitcoin late-2017 rise, which saw a price increase to almost $20,000, “a drug.” He further stated that the “audience is more sober now, the drug is gone” in reference to this year’s bear market with its apex in November.
The past few days have sparked positive signals for Bitcoin, with the crypto rising to close to $3,800 following a weekend low of $3,300. Bitcoin’s rise has anchored a market upswing, with major coins enjoying a sea of green and the collective market cap rising from $103 billion last week to $122 billion at press time, according to CoinMarketCap.
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