Billionaire investor\u00a0Mike Novogratz\u00a0shared his latest thoughts on Bitcoin when he was interviewed by Michael Saylor, Co-Founder, Chairman, and CEO of\u00a0MicroStrategy Inc, at the recent \u201cBitcoin for Corporations\u201d event.<\/p>\n
Former hedge fund manager Novogratz is the Founder and CEO of\u00a0Galaxy Digital, \u201ca diversified financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sector.\u201d<\/p>\n
Novogratz started by introducing Galazy Digital:<\/p>\n
\u201cWe\u2019ve got Bitcoin and other coins on our balance sheet. We have over 90 venture investments in the space. We\u2019ve invested in exchanges, in custody, in protocols, in the decentralized finance revolution, all across the space. We have a sales and trading business. So we\u2019re big liquidity providers. We trade over a billion dollars a day in tokens, and so we\u2019ll make deep markets to anyone who wants them.<\/em> <\/p>\n \u201cWe have one of the biggest derivative businesses, selling structured products, doing derivatives for mining companies, other corporates who want to limit their risk or override strategies on their Bitcoin. We have an investment banking business, going to corporates \u2014 mostly corporates in the crypto company but not only \u2014 and providing expertise\u2026<\/em><\/p>\n \u201cAnd we have an asset management product: we have the only Mercer-rated Bitcoin fund. We have created the Bloomberg Galaxy crypto index which was supposed to be and I think will be the S&P 500 of the space\u2026 We\u2019re launching an Ether fund right now, and we have a $300 million fund that invests in the virtual space \u2014 we call it Galaxy Interactive\u2026<\/em>\u201c<\/p>\n As for his outlook on the price of Bitcoin, Novogratz had this to say:<\/p>\n \u201cI think we\u2019ve hit a tipping point in this network effect I talked about, and my base case is: if I look at Bitcoin as a percentage of gold, I think Bitcoin is going to be digital gold. I know a lot of people disagree with me. They\u2019ll think, \u2018No, it going to be money. It\u2019s going to be the blockchains of all blockchains,\u2019 I just don\u2019t think so. I think it\u2019s got a beautiful lane as a store of value. It was perfectly designed as a store of value<\/em>\u2026<\/p>\n \u201cI think of it as, \u2018What percentage of market cap is gold?\u2019 We\u2019re about 6% of the gold market cap. My sense is by the end of the year, we are easily 10%. So, that gets you to Bitcoin $55,000-$60,000. I know as soon as we get to 10, we\u2019re going to say, \u2018Well why 10? Why not 20?\u2019 And when we get to 20, we\u2019re going to be 50, and then we\u2019re going to be 100.<\/em><\/p>\n \u201cAnd so, I would be $60,000 end of this year, and I\u2019m $500,000 probably by 2024-2025\u2026 It doesn\u2019t happen overnight. It happens with more and more education, with more and more seminars like this, with more and more communities buying into the idea.<\/em>\u201c<\/p>\n https:\/\/youtube.com\/watch?v=AXYqrqtlMXM%3Ffeature%3Doembed<\/p>\n Last Thursday (February 11), Novogratz commented on Twitter on two important pieces of crypto news. <\/p>\n First, with regard to Mastercard\u2019s announcement on February 10 that it is \u201cbringing crypto onto its network\u201d, he said:<\/p>\n