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Mike Novogratz: Bitcoin will surpass gold capitalization

Galaxy Digital crypto bank founder Mike Novogratz said in a comment to CNBC that the capitalization of the first cryptocurrency will inevitably reach and exceed the total market value of gold.

The investor is shocked by the pace of digital asset adoption. He also admitted his previous forecast of the price of the first cryptocurrency of $ 60,000 too conservative.

 

“Bitcoin is on the inevitable path to reaching and exceeding the capitalization of gold,” said Novogratz.

 

According to CompaniesMarketCap, the total market value of gold at the time of writing is $ 10.8 trillion. According to CoinGecko, the capitalization of the first cryptocurrency exceeds $ 1.1 trillion.

In February, Novogratz predicted Bitcoin’s price will rise to $ 100,000 by the end of 2021 if other companies follow Tesla’s lead – the electric car maker revealed a $ 1.5 billion investment in digital gold.

At the end of March, popular cryptocurrency analyst Willie Wu called selling bitcoin “madness” right now. In his opinion, in 2021, the first cryptocurrency will face the final “explosive bull rally” for a three-year growth.

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