Mike Novogratz, a Bitcoin proponent and the founder of Galaxy Digital, spoke with Anthony Pompliano about Bitcoin becoming a store of value and exceeding Gold’s market cap. They also spoke about the Federal Reserve’s view on Bitcoin and blockchain technology.
Mike Novogratz said that Bitcoin started out as a social experiment and 10 years later, it became sovereign money with a market cap of $70 billion. He also added that the concept of Bitcoin has worked so far considering the massive adoption and said that he considered it “hard money” like gold. He continued:
“So I keep thinking of gold as a store of value, it is clear to me that there is architecture being put in place to allow easier adoption and access of it and so at its base, just as a digital store of value in a world where most money gets inflated away at a pretty high rate, Bitcoin provides an interesting alternative to gold. “
Novogratz said that the macro case for Bitcoin was looking good and if anybody were to have a percentage of their portfolio in Bitcoin, it could “catch wind” in a couple of years considering the launch of Bakkt and other institutional investors stepping into the space.
Moreover, Novogratz added:
“Gold has $7.5 to $8 trillion market cap, and Bitcoin is 100 times off on that and we are not gonna get there in next year or two, but over a twenty year period, it could happen easily.”