The CEO of Galaxy Digital, Mike Novogratz, has said that crypto will eventually reach 1% of the global wealth by the end of the year, in a recent Bloomberg interview. On April 6, the total market capitalization of the cryptocurrency market surpassed $2 trillion for the first time.
Bitcoin Is Best As a Hedge Against Inflation: Novogratz
Billionaire hedge fund manager, Mike Novogratz, in a Bloomberg interview warned that steepening yield curves could create chaos, with Bitcoin rocketing to the moon:
“I don’t want to see the world fall apart. I don’t want to see yield curves steepen like crazy and the dollar sell way off, and Bitcoin rocket, you know, to the moon because it’s gonna be total chaos on the streets, but that’s what we are watching.”
He was referring to the fact that yields or currencies go higher as people’s trust in the economy weakens, citing last year’s example of the Turkish Lira.
He even said there would be chaos between stablecoins and the central bank digital currencies over better payment methods. In regard to Bitcoin, Novogratz makes it clear that Bitcoin is best as a hedge against inflation and not just as a payment method, adding:
“I don’t think that Bitcoin is going to be what we use to buy shoes, or, you know, sunglasses or Diet Cokes.”
Bitcoin to be Bigger than Gold
In another interview with CNBC, Mike Novogratz told CNBC in an interview said that he was shocked at the rapid pace of crypto adoption. He made his remarks in reference to the Wall Street players moving into the cryptocurrency landscape.
The Galaxy Digital CEO believes bitcoin will ultimately exceed gold’s market capitalization as its price continues to rise.
Bitcoin’s market cap is currently about $1.1 trillion while that of gold’s market cap is roughly about $10.9 trillion.