The CEO of crypto management firm Galaxy Digital says that the bull market for Bitcoin is not over yet.
Bitcoin will go higher
In an interview on the Alpha Trader podcast, Mike Novogratz said BTC is set to rise in the next 22 months as major banks enter the Bitcoin space.
“We are on the hill. The network effect of this is really high. What I’m really convinced of is that the adoption cycle for large institutions is really early. You haven’t seen the big banks come out with their offers yet. Let me tell you, they are coming. I would be really surprised if Bitcoin doesn’t hit higher levels this year and higher next year. “
As Bitcoin continues to rise in the long term, the Galaxy Digital executive highlights key factors driving the growth of the leading crypto asset.
“Covid has changed everything with the macro backdrop of fixed assets, and Bitcoin has evolved so well that it was created as a elusive asset that accelerates the adoption curve. Paul Tudor Jones looked at him and said, “Wow, this really works as a tough being.” It’s the largest distributed asset to date outside of the dollar and therefore you have this community building that continues to tell the story of why it matters. ”
Novogratz also reveals the current structure of Galaxy Digital’s crypto portfolio.
“Currently, we are probably 70% Bitcoin, 25% Ethereum (ETH) and 5% DeFi (decentralized finance). This gives me a feel for the right risk and volatility adjusted portfolio. ”