Bitcoin Is Becoming a Digital Gold Story: Mike Novogratz

2020-12-2 06:33

Bitcoin has undergone a strong surge over the past few weeks, strongly outperforming gold. The price of the leading precious metal has actually dropped strongly over the past few weeks, underperforming the stock market and BTC massively.

Many think that it is Bitcoin that may be sucking the wind out of the sails of gold. In fact, a JPMorgan report published two weeks ago found that the inflows into Bitcoin vehicles such as Grayscale BTC Trust (GBTC) are actually seeing more inflows as the flows into gold taper off. More recently, data showed that there has actually been strong gold selling pressure.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Is Becoming a Digital Gold Story, Says Wall Street Vet Novogratz

Mike Novogratz, CEO of Galaxy Digital, recently took to CNBC to say that Bitcoin is becoming a “digital gold story” as more institutional players enter the space after watching from the sideline for months and years.

Novogratz says that BTC would have rallied much earlier if there were easier ways to gain exposure to the coin.

"You're seeing more and more institutional pathways," says @Novogratz on #bitcoin's bull run. "It is a digital gold story." pic.twitter.com/PdXFW6NF0v

— Squawk Box (@SquawkCNBC) December 1, 2020

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin Other Bulls Take to TV

Other prominent cryptocurrency bulls are taking to television to promote the cryptocurrency.

CNBC’s “Squawk Box” show recently brought on the Winklevoss Twins, bitcoin billionaires, to talk shop.

During the segment, the billionaires said that they think the leading cryptocurrency will surge 2,500% this market cycle to pass $500,000.

They said that they think this is the case because they see Bitcoin as fundamentally better than gold.

“BTC has already made significant ground on gold — going from whitepaper to over $200 billion in market capitalization in under a decade. Today, the market capitalization of above-ground gold is conservatively $9 trillion. If we are right about using a gold framework to value BTC, and BTC continues on this path, then the bull case scenario for BTC is that it is undervalued by a multiple of 45. Said differently, the price of bitcoin could appreciate 45x from where it is today, which means we could see a price of $500,000 U.S. dollars per bitcoin.”

A growing number of crypto and non-crypto investors are realizing that Bitcoin stands to benefit from a transition from gold to BTC.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Is Becoming a Digital Gold Story: Mike Novogratz origin »

Golos Gold (GBG) на Currencies.ru

$ 0.0077733 (-2.90%)
Объем 24H $0
Изменеия 24h: -17.51 %, 7d: -17.17 %
Cегодня L: $0.0077733 - H: $0.0095975
Капитализация $99.238k Rank 999999
Доступно / Всего 12.767m GBG

past bitcoin strongly weeks gold underperforming dropped

Источник: newsbtc.com

past bitcoin → Результатов: 126


Фото:

Bitcoin surges above $93,000 amid Trump-driven optimism

Bitcoin soared past the $93,000 mark on Wednesday, continuing its unyielding rally fueled by expectations that Donald Trump’s presidency could positively impact the cryptocurrency market. The leading cryptocurrency has been one of the most notable gainers since the election, reaching $92,911 at the time of writing—a 5% increase over the past 24 hours. This momentum […]

2024-11-13 18:13


Bitcoin Posts Massive Overnight Rebound, But Bulls Aren’t in the Clear Yet

It has been a wild past 24 hours for Bitcoin, with the benchmark cryptocurrency seeing one of the most intense selloffs it has seen in quite some time yesterday Following a slow grind lower that had taken place throughout the past few days, BTC eventually saw a capitulatory selloff that sent its price plunging to lows of nearly $28,000 At this point, many investors were clearly panic selling, as funding for short positions rocketing and […]

2021-1-23 23:00


Фото:

The Dow Jones Slid 1,000 Points Over the Past Few Days: Will Bitcoin Follow Suit?

Bitcoin has expressed a striking correlation to the traditional markets throughout the past several weeks This correlation has shown some tempered signs of breaking throughout the past couple of days due to BTC’s overwhelmingly bullish price performance It remains unclear as to just how long this trend will persist, as some analysts are warning that the stock market could halt the cryptocurrency’s uptrend Bitcoin has seen some incredibly bullish price action throughout the past several […]

2020-5-3 19:26


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Under Pressure: Could The Slide Continue?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone.

Bitcoin Decline Continues: Are Bulls Losing Control?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.

Bitcoin Price Struggles at $100K: Is The Rally Losing Steam?

Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.