Galaxy Digital CEO Michael Novogratz gave the message “more secure than the stock market” for Bitcoin investment. The Novogratz stock market should be approached with caution until the US presidential election in November; He announced that he was expecting an uptrend for bitcoin and gold.
Bitcoin Price Could Be 50 Thousand Dollars
- Novogratz thinks Bitcoin’s correlation with the S&P 500 and Nasdaq will soon end.
- Analyst Willy Woo, one of the popular names in social media, also made statements in parallel with Novogratz; He said the compatibility between bitcoin and the stock market will soon deteriorate.
- While gold and Bitcoin are often seen as a haven against inflation, Novogratz says he prefers BTC, which is still in the early stages of adoption.
- Novogratz predicts that the price of gold will continue to increase; He argued that the bitcoin price could rise to $ 50,000 in the next 2 years.
What’s Happening in the Stock Market?
- In an interview with CNN, Michael Novogratz suggested that the stock market, which has been rising for the past few months, will soon lose momentum.
- He pointed out that the highest possible values for Tesla and Apple shares have already been reached. He added that the shares in the Nasdaq could be traded approximately 10% lower than their current levels.
- He argued that the US elections, scheduled to take place in November, had a great impact on the stock market and that high market volatility was due to this.
- He emphasized that he did not find the purchase of stocks completely unreasonable, but that the outcome of the elections should be waited to buy stocks.
- Novogratz thinks that within Joe Biden’s win, the stock market will be negatively affected by the democratic candidate’s promises of tax increases, such as a capital gains tax.