When it comes to adoption and performance, Mike Novogratz, the American billionaire investor says Bitcoin (BTC) is crushing gold.
Mike Novogratz is a former hedge fund manager, and also founder and CEO of Galaxy Digital which is a company that specializes in diversified financial services related to cryptocurrencies, other digital assets, and blockchain.
Novogratz discussed how the performance of gold has been underwhelming in view of global favorable financial conditions at the earnings call of the third quarter of Galaxy Digital.
Novogratz posited that “ if you had asked gold bugs two years ago where the price of gold would be, given what’s happened in monetary and fiscal conditions around the world, they would have all answered far higher than here at $1,800.”
Given that Bitcoin (BTC) is surpassing gold by performance and adoption, Novogratz said “what’s happened? There’s been a substitution of Bitcoin for gold. We’ve seen it directly [and] indirectly. You see it in the charts. I still think gold was probably an okay asset to own in this environment, but it’s just gotten crushed by Bitcoin. “
Novogratz projected that Bitcoin (BTC) acceptance would continue to rise, likening the mass mainstreaming of blockchain to the role of digital cameras. Bitcoin (BTC), according to Novogratz, is a version superior to gold in terms of storing value, and its acceptance and mainstreaming are growing at a rapid rate around the world.
The billionaire emphasized the Bitcoin (BTC) ecosystem’s global participation of more than 200 million people, which he predicted will keep growing.
Mike Novogratz further said that Bitcoin (BTC) had established itself as a store of value asset, and notwithstanding the volatility of the crypto markets, he stated that the goal is now on adoption and mainstreaming.
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