Galaxy Digital CEO Mike Novogratz shared his views on the potential significant price rise of Bitcoin due to the involvement of institutional investors.
The Role of Institutions and Large Investors
Novogratz emphasizes that Bitcoin’s fixed supply structure and its inclusion in institutional portfolios are attracting more attention. He noted that the process has reached a critical point, particularly with BlackRock's recent support for Bitcoin, which has accelerated the previously slow adoption process.
Comparing Bitcoin and Gold
In the long term, Mike Novogratz believes Bitcoin will become more recognized among younger generations. The emerging notion is that gold, traditionally viewed as a store of value, may gradually be supplanted by Bitcoin. Novogratz also points out the significant growth potential of Bitcoin compared to the total market value of gold.
> "Over time, younger people are increasingly valuing Bitcoin. Thus, gold is gradually getting replaced by Bitcoin. When comparing the market values of gold and Bitcoin, Bitcoin still has a long way to go—up to tenfold. This implies Bitcoin could reach 1 million dollars." — Mike Novogratz.
Factors in Bitcoin’s Proliferation
The recent ease of access to Bitcoin has sparked interest among both individual and institutional investors. Particularly in the financial sector, new products and investment alternatives positively influence the asset's acceptance. Regulatory advancements have also strengthened investor confidence. Many experts believe that digital assets like Bitcoin, with limited supply, offer an alternative savings vehicle amid macroeconomic uncertainties.
With the perspectives of experts and the growing participation of diverse investors, Bitcoin may significantly solidify its position in the financial market, potentially increasing its price.
