Mike Novogratz predicts Bitcoin will equal gold's market cap in a few years
With Bitcoin hitting a $1 trillion market value, Galaxy Digital CEO Mike Novogratz predicted that Bitcoin will match Gold's market capitalization in a few years during his speech on CNBC.
As for Ethereum, Novogratz noted that the second largest cryptocurrency will have to compete with Solana, Algorand and other cryptocurrencies that are part of the technology play.
"#Bitcoin is digital gold. It has won that lane. I think it will continue to be adopted and it will take more and more of gold's market cap," says @Novogratz. "Ethereum, Solana, Luna, Cosmos, Algorand--all of those are vying to be part of the technology play." pic.twitter.com/h2SVhZQiLN— Squawk Box (@SquawkCNBC) October 7, 2021
Novogratz is also confident that the US Securities and Exchange Commission will approve Bitcoin and Ethereum ETFs, but he is not sure when this will happen.