Billionaire Novogratz: the development of Bitcoin is still in its infancy
Michael Novogratz, CEO of crypto-investment Bank, Galaxy Digital, describes that the development of Bitcoin is still at the beginning. Crypto-investors, the early hour will be in a few years amazed at what adaptation has to go through BTC until then.
In an Interview with the Online magazine “The Block” compares Mike Novogratz, the time axis of Bitcoin with Gold, and that Bitcoin emerges as a valuable Alternative to the precious metal (freely translated):
We’re early. We are still in the elementary school as an industry. If you think about it, Bitcoin is 10 years old, how old is Ethereum is? ETH is four years old.
Gold is 3,000 years old, and while I think generally that Bitcoin will complement the gold allocation of people, right? If you remember, Bitcoin is digital Gold, more and more people buy the Asset.
Novogratz describes that more and more entrepreneurs to enter the crypto market and the opportunities as well as the potential of Bitcoin have discovered. This includes, among other things, the Fidelity CEO, Abigal Johnson, or the CEO, Peter Bridge, of the Fortress Investment Group to count. Its forecast for the Bitcoin price is short of $ 10,000 USD with Bitcoin, the consolidation to go through.
You get an ever-increasing cheerleading Team, the influence. You can do more and more ways, easier ways for the people, in Bitcoin shop. I think the train works. It will not go directly to the top – we have risen from 3,000 to 14,000 dollars.
I was criticised on Twitter, because I had said that I had more to sell. And then I bought what back. And I think we will consolidate for a while and the next stage will be a significant step higher.
Bitcoin is an indispensable part of the international news, so that even major main stream media reports about Bitcoin, although often unfounded, negative. According to Novogratz Bitcoin de Index exceeded by more than 150% (freely translated):
When you think of the macro-narrative of the last 14 months, then it is Bitcoin, Bitcoin and Bitcoin. Bitcoin has outperformed the Index this year in order to 150% and an overwhelming macro is trend.
The other piece was in retail, right? You give Barry Silbert tons of credit, that he has set this Bitcoin trust thing going, before the Regulator said that no one else can do it. He has a kind of Quasi-monopoly on this Quasi-ETF. He has done a good job. This is a great product, a great Asset-Management product. I’m jealous.
The withdrawal of the application by the company VanEck, and SolidX for a physically secured Bitcoin ETF currently shakes the crypto-community. The company has pulled back from non-specified reasons, your request. On 09.09.2019 Jay Claiton, Chairman of the SEC described that some concerns have been allayed, however, there is still “much work to do”. A Bitcoin ETF has been regarded as a Holy Grail and a strong bullish Signal, so that new investors could pump a lot of fresh capital in the Kryptmarkt. Currently, some of the crypto-insiders believe that the Bitcoin ETF will not be approved this year. The SEC had moved in the past to countless requests, or rejected.
Currently, more BTC ETF applications for the company Bitwise and Wilshire Phoenix are on the table in the SEC. Whether the SEC’s decision fails in this case positive, vorest to be seen.
Featured Image: Iaremenko Sergii | Shutterstock
