In an interview with Bloomberg earlier this week, Mike Novogratz, founder, and chief executive officer of the crypto merchant bank Galaxy Digital, made his prediction on Bitcoin future.
Referencing his stance on Bitcoin position in this fast-growing industry, he argued that of all currencies – crypto and fiat – Bitcoin remains the sovereign asset that could replace gold as a store of value:
“There’s 118 elements on the periodic table, and only one gold […] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”
Mike also proposed that Bitcoin offers a robust system for the secure exchange of value and is currently the most secure and trusted cryptocurrency. However, Novogratz proclaimed that alternative cryptocurrencies do not need to rely on maximum security to succeed and suggest less valuable transactional cryptos trade security for improved efficiency in speed and price of transactions.
Besides, he also shared his thoughts about the current market conditions and where it is heading in the next few months.
While Bitcoin is floating around its bottom of $3,400-$3,600 marks, Novogratz believes in the market potential of going higher. However, as he argued, it would not be a bubble back up, but rather a slow grind to regain its lost heights citing $8,000 as a feasible medium-term price point. In order to get to this price point, Novogratz supposed institutional investment would play a major role throughout 2019.