- Michael Novogratz places Bitcoin and Gold in the identical bucket.
- The Wolfe Analysis strategist reiterated his bullish view on BTC.
- Bitcoin is at the moment up 80% from the beginning of 2023.
Proudly owning bitcoin at the moment is nowhere as scary because it was about six months in the past, says Michael Novogratz – the CEO of Galaxy Digital.
Novogratz shares his views on Bitcoin
Rates of interest have continued to rise this 12 months; FTX collapsed; america Securities & Alternate Fee has harshly criticized the indications within the crypto house.
And but, Bitcoin has outperformed all different monetary property – now up 80% year-to-date.
What this undoubtedly establishes, based on Novogratz, is that the world’s largest cryptocurrency is right here to remain. On CNBC’s “Squawk Field,” he mentioned:
The normalization of the 5.0% finances deficit…is why Bitcoin, gold and silver are buying and selling very nicely. I put all of them in the identical bucket. Bitcoin acquired the additional adoption cycle.
Novogratz sees Bitcoin as digital gold
Novogratz additionally attracts optimism from BlackRock Inc which lately filed with the regulator a Spot Bitcoin ETF that would increase institutional curiosity within the digital asset.
I am extra snug being lengthy Bitcoin at the moment than I used to be six months in the past. I like to think about BTC as digital gold to retailer worth.
In the meantime, Jacobi Asset Administration is about to launch its Bitcoin-focused exchange-traded fund in Europe by the top of this 12 months.
Additionally on Thursday, Wolfe Analysis strategist Rob Ginsberg reiterated his bullish view on BTC. He agreed, nevertheless, that the cryptocurrency needed to combat an uphill battle to reclaim its former highs.
