Mike Novogratz: Bitcoin Will Be Digital Gold, ‘Sovereignty Should Cost A Lot’
Mike Novogratz, a former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, has argued that Bitcoin occupies a unique place in the cryptocurrency landscape.
Novogratz made his remarks during an interview with Bloomberg TV on Feb. 13.
“There’s 118 elements on the periodic table, and only one gold. Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”
Unlike digital gold, less valuable, transactional cryptos may do better, he implied, to trade security for improved efficiency gains.
Bitcoin, which has recently settled around the $3,400-3,600 mark, is grinding along its bottom, Novogratz argued, and easily has the potential to go higher.
Citing $8,000 as a feasible medium term price point, Novogratz nonetheless considered that “We’re not going to bubble back up.”
“Reflecting on the protracted crypto winter, Novogratz quipped that the past year has demonstrated”just how painful popped bubbles can be.
Marie Huillet’s original article for cointelegraph.com reduced by 56%
Related cryptocurrency news – Jack Dorsey: “The Internet Will Have A Native Currency” calls bitcoin digital gold
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