Bitcoin has surrendered over the past few weeks, breaking through its 2017 peak and betraying new ground for the first time in three years.
The price of bitcoin has more than doubled in the last two months, a bull run that started when PayPal pays big
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Now, billionaire-funded bitcoin and crypto vice-investor Michael Novogratz has said he will see bitcoin hit $ 50,000 next year – predicting that bitcoin will eventually be “Eclipse gold. “
The price of bitcoin has gone up in the last few weeks, hitting full-time highs and going unregistered. … [+]
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“It’s easy for me to see bitcoin at $ 50,000 next year,” Novogratz told Raoul Pal, chief financial research officer and media company Real Vision in an interview last week, explaining: “That is 10% of the gold. “
Bitcoin has developed its reputation as a digital gold amid the coronavirus government spending spand and beyond, attracting the attention of several big-name investors who see bitcoin as a safe asset asset and an inflation hedge .
“I know once we get to 10% of the gold, we guess, why is it only 10% gold,” Novogratz asked. “Why isn’t it 25% of the gold? Then it’s going to eclipse gold at one point.”
While Novogratz does not expect the market capitalization of bitcoin to soon overtake gold— “I promise it will not happen in a year” – it sees recent developments accelerating bitcoin s growth. .
“These things happen faster when you get those network effects,” said Novogratz, a former Goldman Sachs soldier who started cryptocurrency investing in 2013 and left Fortress Investment Group in 2015 to focus on bitcoin and crypto.
Last week, British fund manager Ruffer Investment Management revealed it had bought $ 745 million worth of bitcoin, generally taken as a sign of rising institutional interest.
Earlier this month, Ray Dalio, founding legendary billionaire and co-chairman of the world’s largest hedge fund, Bridgewater Associates, admitted that bitcoin has established itself as a “so- gold-like assets. “
The price of bitcoin has climbed 215% so far this year, exploding back into the universe … [+]
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At the same time, Novogratz said he believes that a pandemic of coronavirus has accelerated the upcoming “cryptocurrency conversion,” marking the response of the U.S. government and the Federal Reserve and “digitizing its -everything. “
“We’re going to look back in five years from now, we’re going to look at 2020 how terrible the corona was, and a lot of people have lost their lives … We’re going to watch back and in a strange way, this is going to be a boon to the cryptocurrency revolution for the community. “
“There couldn’t be a better macro story. We couldn’t write one better than owning bitcoin as a hard asset right now.”