Mike Novogratz: "Bitcoin is going to be digital gold"

13 Feb, 2019 | Updated: 13 Feb, 2019
by Richard Allen
Opinion
Mike Novogratz: Bitcoin is going to be digital gold

Mike Novogratz, founder and chief executive at Galaxy Digital, sits down with Bloomberg to discuss the future of the crypto sector.

Novogratz was asked where in the bear market we are right now and if he believes we’re at the beginning of the recovery stage. He states that while we had a “fantastic bubble” that popped in 2017, this isn’t the end of cryptocurrencies, adding that when the bubble popped “all the retail frenzy that came up and down washed out, and now you're in the process of handing off ownership from… retail to institutions.”

He further explains that the architecture required for institutions “to feel comfortable with this” is being developed. When asked what he thinks needs to happen for more institutional investors to become involved in the market, Novogratz stated that the “turnkey moment” will largely be attributed to Fidelity’s custody solutions. Bakkt, launching later this year, will also drive up investor involvement.

Read more: ICE CEO Jeff Sprecher reveals Bakkt to launch in late 2019

Novogratz goes on to say that, in the next run up, Bitcoin will be separated from other cryptocurrencies, likening the apex token to gold on the periodic table saying, “If there's 118 elements on the periodic table, only one gold is valuable just because [of] its store of value." When asked if that’s what Bitcoin represents to him, Novograts states “Bitcoin is going to be digital gold.”

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Read more: Novogratz: all hedge funds should have 1% in Bitcoin (BTC)

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