In an interview with Yahoo Finance Live published on Wednesday, Novogratz said that the latest Bitcoin rally is powered by “slowly getting into the space” institutions and big investors. Novogratz quoted companies such as Paypal, Square and Stanley Druckenmiller recently indicated that digital asset can be more than gold.
“Bitcoin has become a macro asset to hedge against the debasement of fiat currency both here in the U.S. and abroad,” said Novogratz. “Everyone should put 2% to 3% of their net worth in Bitcoin and look at it in five years, and it’s going to be a whole lot more.”
The CEO said it anticipated that the instability of the crypto asset would continue but considered it impossible that the Bitcoin price would “get down below $12,000 again.” He said Bitcoin would finally cross $65,000 last week in Twitter response to English actress Maisie Williams, as a result of a combination of low supply and “tons of new buyers.”
Galaxy Digital is a major crypto venture capital firm which was founded in 2018 by Novogratz. He is considered to be one of the largest crypto and blockchain investors today. The CEO has frequently been bullish about the Bitcoin price and by the end of the year the currency is expected to hit $20,000. Bitcoin is valued at $18,978 as released, which has improved by more than 6 per cent last week.