It’s no secret that Mike Novogratz – a former hedge fund manager – has always been a big fan of bitcoin. When everyone else has lost faith, he’s always there to tout it and remind us of just how special it is.
Mike Novogratz Is Betting Big on Bitcoin
Now, he’s claiming bitcoin is about to make a huge leap. On Twitter, he writes:
I’ll make a bet for dinner anywhere in New York City that bitcoin outperforms both [gold and treasuries] over the next three months, and I like gold… Give it a few months.
It’s a very bold prediction to make considering how strangely bitcoin has been behaving over the past several weeks. The asset has been subjected to a wide variety of prices and swings given that the coronavirus pandemic has caused many people to liquidate their assets in attempts to boost their cash holdings. As a result, bitcoin initially fell to the high $3,000 range when it was trading for over $10,300 just shy of two months ago.
While the currency has recovered somewhat and garnered approximately $3,500 of that lost value back, there’s still plenty of room for improvement considering it was trading in the five-figure range earlier in the year.
Nevertheless, Novogratz is betting big on the world’s number one digital currency by market cap, and apparently, he’s not the only one. Tech investor Mike Dudas was quick to respond to the former hedge fund manager’s tweet by commenting that he was also extraordinarily confident in bitcoin’s abilities, and that he would bet a healthy portion of his net worth on the currency’s growing strength.
As crazy as this all might seem, the words of Novogratz may not be that far off. This has been a very tumultuous time for many of the world’s assets typically used for speculation and wealth storage alike. Gold, for example, is often considered as big a “safe haven” asset as gold, yet the precious metal has also encountered heavy price dips during this time.
Not as Nutty as It Sounds?
The stock market has also been on something of a roller coaster ride. The Dow Jones, at one point, fell into the 18,000-point range, though at the time of writing, it has seemingly jumped back up by about 5,000 points. Still, several individual stock shares are down and nowhere near where they stood just two or three months ago.
By contrast, bitcoin has nearly doubled its price in the past month. As mentioned, the currency felt to as low as $3,800 in mid-March though at press time, it has shot up to just shy of $7,300. A few more hundred dollars and boom! Bitcoin will have grown two times larger than where it was just a couple of weeks before.