The price of bitcoin just keeps on booming, and according to billionaire investor and former hedge fund manager Mike Novogratz, this is just the tip of the iceberg, as he believes the asset is going to spike much higher in the coming years.
Mike Novogratz: Bitcoin Will Probably Keep Surging
In a recent interview, Novogratz claimed:
Right now, total crypto wealth is roughly $2 trillion, so that’s one half of one percent of all the wealth. If you do not think in the next two to three years that can be two percent to three percent, you’re not paying attention to the trends.
Bitcoin has been on a serious roll this past year. Reaching $10,000 in February of 2020, the world’s number one digital currency by market cap suddenly took a turn for the worse the following month when the coronavirus pandemic was introduced. The virus struck our global markets, and as a result, bitcoin – along with stocks, gold and many other leading assets – took nasty falls.
Bitcoin fell into the high $3,000 range, though this did not last long, and two months later, the currency was trading for over $9,000, bringing about new beliefs that the asset was considerably stronger than we were giving it credit for.
From there, as the pandemic continued to spread, bitcoin just kept going higher and higher. The price was spellbinding as countries like the United States began to lose faith in their own national currencies given the growing rate of inflation that was striking the market from all corners. Up until that point, bitcoin had always been a speculative tool that could possibly make a person rich overnight given that the market moved in traders’ favor.
However, now people were viewing bitcoin under a new lens. Bitcoin was a store of wealth that could potentially keep one’s portfolio safe during times of economic turmoil. People just kept buying and investing, and this led to a brighter attitude from companies such as MicroStrategy, which was one of the first institutions to support the asset publicly. After several repeat buys, the company now owns more than $2 billion worth of the digital asset.
For the most part, it has been a wild and crazy ride for BTC that many traders have likely found enjoyable, and Novogratz is confident things will not end here. He continues his interview to say:
The amount of growth that we’re going to see in our space is staggering. We are just getting started.
The Start of a Whole New Era
He is quite confident that BTC will spike heavily in the coming weeks due to Coinbase’s listing on the Nasdaq. He comments:
Let us not miss the big picture: this is like the Netscape moment for the cryptocurrency economy. Remember, Netscape in 1995 – four years before we had this crazy frenzy – basically signaled the beginning of the internet age.