Today, during an interview with Bloomberg, Mike Novogratz stated that he believes Bitcoin will be the only digital gold.
“There are 118 elements in the periodic table, and only one is gold […] Bitcoin will be digital gold, a place where money will be sovereign. It is not US money, it is not Chinese money, it is sovereign. Sovereignty costs a lot, or at least should”.
Novogratz is a former partner of Goldman Sachs and is the founder of Galaxy Crypto Merchant Bank.
When asked about the proliferation of cryptocurrencies, he confirmed the widespread view that the only store of value in the crypto sector will be bitcoin, as was gold.
In particular, Novogratz pointed out that the system on which bitcoin is based, although in some ways very similar to that of other cryptocurrencies, is so solid and secure that few other cryptocurrencies can really reach the same levels.
In addition, Novogratz argues that the current price levels, between $3,400 and $3,600, could be the foundation of 2019, with the potential to rise higher in the coming months. In the medium term, Novogratz hypothesizes 8,000 dollars as a possible reference value.
Last year it showed “just how painful popped bubbles can be”, while this year the crypto industry would be ready to start the process of transformation from popular revolution to institution, thanks to the new infrastructures that are landing on the market, especially for institutional investors.
Novogratz is not new to such statements, like when he said that cryptocurrency mass adoption could arrive in 5 or 6 years. He has always been very bullish about both the value and the use of bitcoin in particular and confirms his optimism with this recent interview.
The entry of financial institutions into the crypto market would be a signal that this process of transformation may have started.