Mike Novogratz advises holding less bitcoin and more gold

Galaxy Digital founder Mike Novogratz believes that now it makes more sense for investors to hold a significant portion oftheir capital in gold, not in bitcoin.

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On CNBC's Fast Money, Novogratz said:

“I feel that bitcoin is significantly superior to it, but I would advise holding much less bitcoin than gold, simply because of volatility.”

Last month, Novogratz reported thatHe prefers bitcoin to precious metals, calling the cryptocurrency "turbocharged gold." Now he states that both of these assets are key positions in his portfolio.

Gold is currently trading above $ 1,800 andonly 5% below their historical highs. Over the past few months, Bitcoin has remained locked in a limited channel and is more correlated with the stock market. At the same time, bitcoin surpasses gold in terms of growth since the beginning of the year from 32% and 20%, respectively.

Novogratz admits Bitcoin still remainsin the early stages of development, and it’s rather difficult for an ordinary retail investor to buy it. However, he is confident that the situation will improve over time, and even allows ETF approval.

“More and more people are working to simplify its purchase. Funds, custodial decisions are being created, ”he explained.

Commenting on the situation in the stock market, Novogratssuggested that he was in the process of forming a bubble. As an example of a company whose stock growth is difficult to rationally rationalize, he pointed to Tesla.

“I courageously tried to short Tesla yesterday and today. We'll see. It seems to me that 37% in three days is too much, ”added Novograts.

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