2021-1-7 20:34 |
Both Bitcoin and gold will go higher, said billionaire Mike Novogratz, the chief executive officer at Galaxy Investment.
Amidst the ongoing inflation expectations and other uncertainties in this market, “both gold and Bitcoin are going a lot higher, but gold could easily go up 30% this year,” said Novogratz in his interview with Bloomberg.
With things moving too fast in the market, Bitcoin has seen an uptrend of 113% since Dec. 11 to hit a new ATH at $37,700, it is difficult to pick a top. But these manias also means that Bitcoin could easily be “20% of gold,” Novogratz said adding,
“There is so much liquidity on the sidelines that a lot of people were hoping for a pullback on this. And you saw it lasted for about two hours and put right up. It's why Bitcoin continues to go up every day.”
This is because “the Fed has made a commitment to keep rates at zero and to continue to buy quantitative easing for three years. And so it's creating a bubble,” he said.
According to him, everything that keeps Chairman Powell keeping the money supply running as fast as it is is good for the markets which involve Democrats taking more seats in the Senate that comes with one of the big expectations of inflation.
As for Bitcoin hitting $100,000, Novogratz feels we can get there this year, “if we continue to see this kind of momentum.”
The Supply CrunchWith Bitcoin, the unique thing about it is that in most assets and commodities if the price goes up there's a supply response. In the case of oil, if its price goes up we start drilling for oil all over the world, even in gold which has a limited supply if the price goes up, we spend more money on mining, explained Novogratz.
However, in the case of Bitcoin, there never will be more than 21 million BTC, no matter how high the price goes. He said,
“So we have this giant supply-demand imbalance where now institutions say dammit I can't believe I don't own Bitcoin yet. Insurance companies are buying it. Asset managers are buying it. High net worth people are buying it. And there's not a lot of supply.”
But Novogratz believes “gold is going higher.”
The yellow metal is currently trading around $1,920 after reversing the downtrend on Nov. 30 that started once the bullion hit ATH at $2,050 in August last year.
And this is because “we are certainly in an acceleration of the worry about the basing of fiat currencies,” — it's central banks printing money with 75% of all the dollars in circulation printed in the last 10 years, he said adding,
“That's an incredible statistic. It broadly means that you know four times as many dollars as we did 10 years ago. That's driving asset prices. And so this has hit this acceleration point.”
Bitcoin/USD BTCUSD 37,419.4338 $2,507.10 6.70% Volume 80.07 b Change $2,507.10 Open$37,419.4338 Circulating 18.59 m Market Cap 695.77 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post With So Much Liquidity on the Sidelines, Bitcoin could Hit 0k This Year: Mike Novogratz first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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