Galaxy Digital Chief Executive Officer Mike Novogratz shares his insights on the growth and future of Bitcoin in coming times.
He ardently expressed that the world’s largest cryptocurrency can reach massive market capitalization and even surpass the numbers of automotive giant Tesla by 2021.
Galaxy Head thinks Bitcoin Can Surpass Tesla Market Cap by June 2021
The founder of Galaxy Digital, Michael Novogratz, is named the Richest people in the cryptocurrency by Forbes magazine in 2019. Novogratz drew a striking comparison between Bitcoin and Tesla in his tweet, stating that both Tesla and Bitcoin have many risks around them. While Tesla stock is owned by Elin Musk solely, Bitcoin is controlled by a vast community that is expanding humongously. He further added that “It’s a risk management bet..”.
Digital asset management company Galaxy Digital is an investment firm that aspires to institutionalize digital assets and is a leading investment advisory and trading services company listed on the Toronto Stock Exchange.
In a recent interview with the CEO of Real Vision, he said that Bitcoin could reach up to $50,000 within the next year, which is almost 10 percent of gold. He said, “I know once we get to 10% of gold, we are like, why is it only 10% gold? Why is it not 25% of gold? Then it is going to eclipse gold at one point. “
An avid crypto investor is convinced that gold would be eventually replaced by digital assets as a more reliable investment hedge against inflation.
Galaxy head said that the change is going to happen eventually and not immediately. He said it is not going to happen next year. Experts have attributed the outbreak of the coronavirus pandemic as an accelerator to wider crypto adoption.
Bitcoin price is rallying high right now, and the cryptocurrency is expected to break all the cost barriers. After BTC broke the $20,000 ceiling, the financial experts and investors are highly bullish on Bitcoin. High institutional investment and wide mainstream acceptance of Bitcoin have further brightened the prospects for cryptocurrency in the coming times. While Tesla stands at the market cap of $616 Billion right now, the market cap of BTC is around $428 billion. However, Bitcoin has an immense capability to showcase parabolic growth at a broader scale.
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.