Can BTC beat gold's $8 trillion market cap? "Easily", says Mike Novogratz

24 Mar, 2019
by David Robb
Opinion
Can BTC beat gold's $8 trillion market cap? Easily, says Mike Novogratz

Galaxy Digital CEO Michael Novogratz recently gave an interview to fellow Bitcoin bull Anthony Pompliano, as reported by DailyHodl. Novogratz told the Morgan Creek Digital founder that Bitcoin (BTC) had a very good chance of overtaking gold's total market cap of $8 trillion, sometime within the next 20 years.

Novogratz's Galaxy Digital was one of the first major investment funds focused on blockchain, crypto and other digital assets, and the billionaire rarely misses a chance to share his bullish predictions for the future of Bitcoin. 

Read more: Mike Novogratz says the next move Bitcoin makes will be up

This latest assessment is one of his most optimistic so far. Speaking about BTC and its rival 'store of value' asset, Novogratz said: "Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily."

Novogratz sees an influx of institutional money as being the likely cause of this huge BTC growth, pointing to the upcoming launch of Fidelity's custodial solutions, as well as Bakkt. He also claimed that "there's lots of other players coming...Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions".

Read more: 8 long-term Bitcoin price predictions by experts

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