Mike Novogratz, Founder, President and CEO of Galaxy Digital, explained on Thursday, January 30, during an interview, why he still loves gold and Bitcoin and why he prefers Bitcoin over altcoins. Novogratz, who has long been a defender of Bitcoin and regarded the leading cryptocurrency as “digital gold”, once again found this opportunity to confess his love for gold and Bitcoin. Novogratz used the following statements: “I love gold. I still love Bitcoin as well because there is so much liquidity around and we are decreasing our currency over time. ”
Why Novogratz Prefer Bitcoin?
Novogratz used the following expressions for Bitcoin:
Bitcoin has now become an asset. BTC is a weapon for humans, a version of gold. We call it ‘digital gold’ and put it all over the system. The reason for this is to allow more people to buy it. BTC is now trading much better – not trading as if it were a speculative bubble – If Bitcoin did not rise in the Iran-US tension or coronavirus tension, then I would be afraid. But now I trust the position of Bitcoin.
During the interview, Novogratz was asked if there is a cryptocurrency that tastes Bitcoin as “the winner takes it all”: Novogratz replied:
I think Bitcoin is in its own strip as digital gold. BTC will have the largest market value. Gold has a market value of $ 9 trillion. The best companies in the world are one trillion. So what we call the store of values - there are very few of them – there is absolutely nothing like gold. Everything from silver to copper in the rest of the table needs a use case. Other cryptocurrencies also need a usage scenario. And this will only happen after many years. For this situation, it is necessary to start to see that the blockchain ecosystem has changed the world.
Pointing out that this does not mean that he completely ignores other cryptocurrencies, the billionaire finally used the following statements:
We trade with them. We do not see them as our basic portfolio. We will trade both long and short term. We invest heavily in the infrastructure around the blockchain. I think it is very logical to be an enterprise in this area as a whole.