Galaxy Digital chief executive Mike Novogratz believes the market cap of Bitcoin (BTC) and crypto will eventually catch up to the valuation of one soaring asset.
In a new CNBC interview, the billionaire says that crypto’s correction earlier this year is largely due to an overexuberant investor sentiment along with the launch of speculative assets, including the Official Trump (TRUMP) memecoin.
But Novogratz notes that the markets needed the correction to cool off and set the stage for Bitcoin and crypto to surge to new all-time highs.
“We had a euphoric top right around [Trump’s] inauguration and a combination of a lot of things: Trump coin and whatnot…
Crypto went back and tested where the [US presidential] election breakout was. Now it looks like we’ll take out $106,000, $107,000, $108,000 and make the next to $130,000, $150,000.”Â
Zooming out, Novogratz believes that Bitcoin and crypto will witness a massive surge in market cap over time and rival gold’s current valuation of about $22 trillion.
“And at that point, you’re at price discovery. I keep thinking that gold is a $22 trillion asset and crypto is a $2 trillion asset. And at one point, as more and more young people inherit the money from old people who kiss the face of god, you’re going to see crypto equal gold and that’s a long way from here.”
Last year, the billionaire said the millennials, who stand to inherit the largest transfer of wealth in history, are more inclined to invest in digital assets than their boomer parents or relatives.
The great wealth transfer will hand $90 trillion in assets to millennials over the next 20 years, according to the global real estate consultancy firm Knight Frank’s 2024 Wealth Report.
At time of writing, Bitcoin is trading for $103,137.
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