Mike Novogratz, the CEO of Galaxy Digital, predicts that the market cap of Bitcoin and cryptocurrencies will eventually reach the valuation of a soaring asset.
In a recent CNBC interview, Novogratz attributed the correction in the crypto market earlier this year to overexuberant investor sentiment and the launch of speculative assets like the Official Trump (TRUMP) memecoin.
However, Novogratz believes that this correction was necessary to cool off the market and pave the way for Bitcoin and crypto to reach new all-time highs.
“We experienced a euphoric peak around [Trump’s] inauguration, fueled by assets like Trump coin. Crypto retraced back to the breakout level of the US presidential election. Now, it appears that we will surpass $106,000, $107,000, $108,000, and move towards $130,000, $150,000,” Novogratz stated.
Looking ahead, Novogratz envisions a significant increase in the market cap of Bitcoin and crypto, ultimately rivaling the current valuation of gold at around $22 trillion.
“As more young people inherit wealth from older generations, the market will see crypto equaling gold. This is still a long way off,” he added.
Novogratz previously mentioned that millennials, set to inherit a substantial amount of wealth, are more inclined to invest in digital assets compared to older generations.
According to Knight Frank’s 2024 Wealth Report, millennials are expected to receive $90 trillion in assets over the next two decades.
As of now, Bitcoin is trading at $103,137.
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