The CEO of the crypto management firm Galaxy Digital says Bitcoin’s current bull cycle has barely begun.
In a new interview with Currency.com, Mike Novogratz says he expects other large insurance companies like MassMutual, which recently invested $100 million into BTC, to follow suit – pushing the price to as high as $150,000 in 2022.
“There’s scores of insurance companies. They’re all going to come. We’ve got a couple big asset managers only. One guy bought $600 million yesterday. I was talking to him. He’s like, ‘Well how far are we ahead or behind?’ I was like, ‘You’re on first base in the first inning.’
So we’re going to see these movements in these institutional buckets over the next couple years. I think $50,000 this year may be easy and $100,000 or $150,000 the next. That’s just as the money moves in.”
Novogratz says he also expects younger generations to continue to lead the way among retail investors and make an even larger impact once baby boomers begin shifting wealth to their kids.
“There’s also a giant wealth transfer coming. The baby boomers are going to die and they’re going to finally give the money back to millennials and Gen Z. Millennials and Gen Z, 50% of people your age meet their significant other online. 50% of marriages today are started online. My age – zero…
Why older people have a harder time with crypto? Why they need to buy their Bitcoin through funds or through brokerages instead of just going on and getting the Square app and buying their Bitcoin. So they’re coming to buy it now, but as they transfer their money to a generation who’s going to be much more comfortable with crypto and digital stuff, then you’re really going to see total adoption.”
Novogratz has long said he thinks Bitcoin will attain 10% of the market cap of gold, which would place BTC’s market cap at about $1 trillion. Now, he says Bitcoin could grow much larger.
“We’re now 3% of gold. That was a target. My next target was 10% of gold. But if you think about the way the world works, as we get to 10% of gold, people are going to think, why are we only 10% or gold? We should be 20% of gold. We should be 50% of gold. We should be the same as gold. We should be more than gold.”
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