Mike Novogratz, CEO of Galaxy Digital while in an interview with Anthony Pompliano, Morgan Creek Digital’s founder said Bitcoin’s market capitalization can surpass gold’s $8 trillion. However, that won’t happen in the next one or two years, but in 20 years time, reports a media outlet on March 24.
Novogratz is Confident About Bitcoin’s Market Cap Surpassing Gold’s
Based on the report, Mike Novogratz is confident that Bitcoin’s market capitalization in 20 years time could look just like gold’s market cap today and even surpass it. In his opinion, we may be 100 times behind the market cap of gold, but given a considerable amount of time such as 20 years, that can happen.
The CEO also affirmed that with the likes of Fidelity Investments, Bakkt, and Goldman Sachs looking to enter the space, a lot can be expected. He outlined that Goldman Sachs is getting ready to make plans in the area of security tokens.
According to Novogratz:
They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.
A Regulatory Framework Has Not Yet Been Set for Security Tokens
Galaxy Digital’s CEO further said a regulatory framework has not yet been set for security tokens. Likewise, “We’re working really hard on our security token business and we’ve got, I think, some cool things in the hopper.”
Mike Novogratz is reputably known for his bullish predictions about Bitcoin and confidence in the crypto market. On February 1, he tweeted that institutional funds will soon be flowing into the cryptocurrency market and as such, it will influence their prices.
Novogratz Predicts That Bitcoin Will Become Digital Gold
BTCNN on February 14 also informed of the cryptocurrency enthusiast’s comments that Bitcoin is going to be digital gold. He said the market frenzy of 2017 has been flushed out and the crypto bubble has been busted. That being the case, we are at the stage where ‘retail’ will lead to institutional adoption.
Like Novogratz, Dan Morehead, CEO at Pantera Capital is also confident that institutional adoption of cryptocurrencies will impact on their market prices. He however pointed out that the prices of these assets themselves will have to kick in before a level of activity is seen. In his opinion, people tend to troop into the market when the prices are rising and not declining.