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Mike Novogratz, CEO of crypto management firm Galaxy Digital, is revealing when he thinks Bitcoin will hit his target of $500,000.
In a discussion with Michael Saylor on the WORLD.NOW event hosted by MicroStrategy, Novogratz proposes that Bitcoin will continue to perform well, more so as a store-of-value asset rather than as a currency.
“I think we’ve hit a tipping point in this network effect I talked about, and my base case is: if I look at Bitcoin as a percentage of gold, I think Bitcoin is going to be digital gold. I know a lot of people disagree with me. They’ll think, ‘No, it going to be money. It’s going to be the blockchains of all blockchains,’ I just don’t think so. I think it’s got a beautiful lane as a store of value. It was perfectly designed as a store of value.”
Seeing it as a store of value asset, the Galaxy Digital head says he believes the largest crypto asset will continue to catch up to gold’s $10 trillion market capitalization as it prints gains of over 10x in as little as three years.
“I think of it as, ‘What percentage of market cap is gold?’ We’re about 6% of the gold market cap. My sense is by the end of the year we are easily 10%. So that gets you to Bitcoin $55,000-$60,000. I know as soon as we get to 10%, we’re going to say, ‘Well why 10? Why not 20?’ And when we get to 20%, we’re going to be 50%, and then we’re going to be 100%.
So I would be $60,000 end of this year, and I’m $500,000 probably like 2024-2025… It doesn’t happen overnight. It happens with more and more education, with more and more seminars like this, with more and more communities buying into the idea.”
In other trending Bitcoin News today:
Roses Are Red, Violets Are Blue, Bitcoin Hits $49K And A New All-Time High Too
The Bitcoin price achieved a new record above $49,500 on Valentine’s Day on Feb. 14, rising to as high as $49,600 on Coinbase.
There are three main reasons Bitcoin surged to a new all-time high, high stablecoin inflows, clean break of the $38,000 resistance area, and a prolonged consolidation phase.
Throughout the past several days, despite Bitcoin’s consolidation below $38,000, on-chain analysts pinpointed the continuous increase in stablecoin inflows.
According to data from CryptoQuant, a data analytics platform, the Stablecoin Supply Ratio (SSR) rose significantly as it rallied from the mid-$30,000 region.
The SSR indicator shows the ratio of the market cap of Bitcoin relative to the aggregated market cap of stablecoins.
When the price of Bitcoin rises in tandem with the SSR ratio, then it means it is likely being driven by sidelined capital re-entering the market.
This trend is highly optimistic because it shows that the rally was not just driven by an over-leveraged futures market. In fact, it was genuine demand from the spot market that led the uptrend.
Atop the high stablecoin ratio, analysts also pinpointed the decline in selling pressure coming from miners.
The combination of the lower selling pressure from miners and the increasing stablecoin inflows into exchanges catalyzed the ongoing Bitcoin rally.
Bitcoin was consolidating under the $38,000 resistance area for a prolonged period. This presented a risk to the short-term bull cycle of Bitcoin.
When the price of Bitcoin hovers under a key resistance area for a long time, it increases the probability of BTC dropping to a lower support area to tap lower liquidity.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
After the Bitcoin halving in May 2020, miners make half the $BTC they used to make.
Today, miners earned $4m in 1 hour, making it the biggest hourly revenue in history. h/t @glassnode
That’s how fast BTC has risen in the span of 9 months.
— Joseph Young (@iamjosephyoung) February 12, 2021
https://www.theblockcrypto.com/linked/94750/jpmorgan-bitcoin-btc-trading-client-demand-coo-comments