Mike Novogratz: Bitcoin Will Overtake Gold In Market Capitalization
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Answer Mike Novogratz: Bitcoin Will Overtake Gold In Market Capitalization
Today, during his appearance on CNBC, “Galaxy Digital” CEO Mike Novogratz predicted that the market value of Bitcoin would exceed that of gold within a few years, stating:
I think Bitcoin will continue to be adopted, and it will require more and more market capitalization which it can take away from gold.
Currently, the market capitalization of Bitcoin represents about 12% of gold.
I think it will reach 100% in a few years.
As we indicated in previous articles on Arab Bitcoin, the market value of the leading cryptocurrency “Bitcoin” regained the trillion dollar mark yesterday, October 6.
As for Ethereum, Novogratz says that the second largest cryptocurrency will have to compete with the likes of Solana, Algorand and other cryptocurrencies that are part of the same niche.
Read:Cardano Founder: New Stable Currency Built on Cardano Blockchain Will Change the Game
earlier in the day, announced American investment management company “Invesco” announced the launch of two exchange-traded funds (ETF) in partnership with “Galaxy Digital”.
ETFs track stocks of companies that derive their revenue primarily from cryptocurrency and blockchain related businesses.
Novogratz is also sure that the SEC will approve both the Bitcoin and Ethereum ETF, but he declined to make specific predictions about when that will become a reality, commenting about it by saying:
I think we will finally come out of the current situation and have a US ETF representing both Bitcoin and Ethereum.
Not sure exactly when.
I wish I had a prediction ball.
Notably, Novogratz, represented by Galaxy Digital, had previously applied for a Bitcoin futures ETF in mid-August.
Read:Bank of America agrees to trade bitcoin futures contracts for some customers, according to informed sources
Prior to that, it also submitted a request for approval to issue a bitcoin ETF in April.
Read also:
Bitcoin price rises to 55 thousand dollars, the highest level since May 2021
The cryptocurrency Shiba advances in the rankings by market capitalization after record weekly gains
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