By Hassan Mehmood (Saudi Arabia)
Mike Novagratz, who is known for speaking in favor of Bitcoin, now focuses more on gold than Bitcoin. But there is a reason behind it as gold is a non-volatile asset, and it is the best instrument to defend against money printing by central banks.
Novagratz is also the CEO of Galaxy Digital and has been a strong supporter of the creation of Satoshi Nakamoto. But in his recent interview on CNBC’s Fast Money, he stresses that investors should include more gold than the digital assets in their portfolios. However, he also accepts that digital gold has the potential to outshine physical gold.
He said:
“Bitcoin is among the core holdings of mine, and I think we are early in this cycle. My sense is that Bitcoin way outperforms gold, but I would tell people to hold a lot less than they do gold. Just because of the volatility.”
Gold to Reach $1,950
Investors have serious problems with the surplus printing of money. While talking about infinite money printing by central banks, he asks people to buy gold and predicts $1,950 for it.
Also read:“The macro set up is so perfect right now for something like gold. Central banks just keep printing on more money, so gold is going to take out the old highs of $1,950 and just keep on going. We are just starting this.”
There is a strong narrative in the legacy markets that gold is a “safe-haven” asset. And during the uncertain times in the traditional markets, it works as a hedge against inflation.
Bitcoin High Volatility
People also consider Bitcoin as digital gold and believe that it can also act as a safe-haven asset. The criticism over this statement is that Bitcoin cannot perform the function due to its high liquidity.
However, many analysts have bullish sentiments for BTC long-term position beside his high volatile nature. For example, Stephen Stonberg, the CFO and COO at cryptocurrency exchange Bittrex Gobal, said:
“In the BTC market, there is an increased institutional acceptance and awareness of the asset class which should bode well for long-term price appreciation. We’ve seen prominent organizations and figures such as [Paul Tudor Jones], JPMorgan, Fidelity, which are publicly involved in the market, yet this is just the tip of the iceberg.”
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