In an interview with Blomberg, Galaxy Digital founder and CEO Mike Novogratz called Bitcoin “digital gold” and self defense weapon in investor portfolio.
According to him, the growth of liquidity in the US economy undermines confidence in the dollar and creates the conditions under which people realize the need for bitcoin.
Investments in Bitcoin also contribute topolitical tensions between the US and Iran and the outbreak of coronavirus in China. At the same time, the leading cryptocurrency has proven that it can be considered a reliable alternative, the former Goldman Sachs partner emphasized.
“Bitcoin is a type of gold. We call it digital gold and set up the infrastructure for the entire system to allow more and more people to buy bitcoin, as it is being traded more and more. ” - said Novograts.
Earlier, he already suggested that geopolitical tensions stimulate the growth of the first cryptocurrency.
Recall, Novogratz believes that Bitcoin will never return to the $ 5,000 mark, and by the end of 2020 it will reach a level above $ 12,000.
Read this:
Michael Novogratz: “Bitcoin needs to return above $ 7,500”
Mike Novogratz predicted bitcoin above $ 12,000 in 2020
Mike Novogratz: gold and bitcoin will continue to grow amid the US-Iran conflict
Bitcoin will show growth amid stock market instability
Mike Novogratz: BTC will trade above $ 12,000 in 2020
Is Bitcoin the Internet’s native money, a defensive asset or a speculator?