In the view of Mike Novogratz, the Coronavirus has accelerated the transition to cryptocurrencies.
That’s the gist of an interview with Raoul Pal on his Real Vision show.
During the 55-minute podcast, Mike Novogratz analyzed the current situation of the cryptocurrency market comparing it to 2017. In both cases, Bitcoin was rising strongly, but according to the CEO of Galaxy Digital, the 2017 bubble is not going to be repeated this time.
In fact, 2017 did not have the economic crisis that the whole world is experiencing in these months because of Covid. The pandemic is described by Novogratz as:
“A blessing for the cryptocurrency revolution”.
In fact, the measures put in place by governments, led by the United States, to counter the crisis have essentially resulted in an injection of liquidity for cryptocurrencies as well. The pandemic also accelerated the transition to digital, making even ordinary citizens more comfortable using a digital wallet.
Mike Novogratz and cryptocurrencies
Mike Novogratz has always been a strong supporter of Bitcoin and cryptocurrencies. The one released to Real Vision is but the last interview containing enthusiastic statements.
Other comments were shared on his Twitter profile.
For example, in recent days, after the series of tweets on Bitcoin and Dogecoin by Elon Musk, he boldly compared Bitcoin and the Tesla stock.
$BTC will have a larger market cap than $TSLA within 6 months. Both are ‘religions’ though $TSLA has so much risk around @elonmusk while $BTC is owned and run by a giant decentralized community who is growing every day. It’s a risk management bet. Full disclosure I own 2 TSLAs
— Mike Novogratz (@novogratz) December 21, 2020
“$BTC will have a larger market cap than $TSLA within 6 months. Both are ‘religions’ though $TSLA has so much risk around Elon Musk, while $BTC is owned and run by a giant decentralized community who is growing every day. It’s a risk management bet. Full disclosure I own 2 TSLAs”.
Speaking of investments, Mike Novogratz admitted that he has about half of his assets (which amount to $700 million) invested in cryptocurrencies. He also argued that it would be appropriate for every investor to allocate 5% of their assets in Bitcoin.
His thesis is that Bitcoin could retrace (as it is happening in these days following the peak of $24,000), but it cannot go to zero.
According to Novogratz, the path is set and there is no turning back.