Novogratz: Bitcoin Is Going To Be Digital Gold, A Place Where You Have Sovereign Money

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It’s no secret that Mike Novogratz is bullish towards Bitcoin (BTC). He predicted that the most popular coin will reach new highs in 2019 and that it may be hitting “$20,000 or more”.

Now the former Goldman Sachs partner and Galaxy Digital founder expressed that Bitcoin will become the “digital gold”.

“There’s 118 elements on the periodic table, and only one gold […] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.” – Novogratz said during an interview with Bloomberg TV.

Novogratz also mentioned the institutional investors and their arrival on the crypto scene. He explained that the infrastructure required for the comfort of big players is gradually becoming a reality, only slightly and temporarily held back by the recent US government shutdown.

He also mentioned his view on the future BTC price, expressing that in his opinion the feasible mid-term price point is around $8000. There is a potential for the price to go higher, but Novogratz seems to have backed down a little from his 2019 $20k prediction, saying that “we’re not going to bubble back up.”.

In his opinion, the industry has to undergo a shift from “a people’s revolution to [an] institution[-led] one”.

 

Images by Shutterstock.com

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