Galaxy Digital CEO and Bitcoin bull Mike Novogratz says that Bitcoin is experiencing a massive rally, backed by increased corporate adoption, as opposed to the boom in 2017.
2020 Bitcoin rally unlike 2017
In the new episode of The Interview – Crypto, hosted by Real Vision CEO Raoul Pal, Novogratz says that although Bitcoin rose parabolically by the end of 2020, he did not see this move as a repeat of 2017.
Novogratz believes the strength of this Bitcoin rally is enduring. The head of the digital asset management firm suggests that BTC could double the price within the next year and take a “big bite” from the market value of gold.
I am much more convinced that this is not what it was like in 2017. At that time I was telling everyone that this was a speculative madness. But now I’m saying this is the start of a transformative multi-year, several hundred percent rally. It’s easy for me to see that Bitcoin is at 50,000 next year.
This means 10% of gold. I think gold is rising. When we reach 10% of gold, ‘Why only 10%? “Why not 25% of gold?” So at some point it will find gold. This will not happen in a year. I guarantee it won’t happen in a year, but once you get these network effects these things happen faster.
The interest of institutions is growing
Digital Galaxy CEO also highlights MassMutual’s entry into BTC. The 169-year-old insurance giant has invested $ 100 million in Bitcoin. Novogratz says this is an important milestone that could inspire other companies to buy.
Novogratz says that as more and more deep investors find value in holding Bitcoin, the market will begin to see a change.