Galaxy Digital founder Mike Novogratz, in a CNN interview, said that the majority of altcoins will leave the cryptocurrency market in the coming years, and Bitcoin will fundamentally change the financial system.
He also urged investors not to pay attention to the volatility of digital gold, but to look at the broader market picture.
“Booms and manias happen around things that fundamentally change how we think. Decentralized systems will fundamentally change finance,” Novogratz stressed.
In his view, interest in Bitcoin is driven by the technology underlying it. Novogratz explained that crypto investors are not just pursuing profits; they believe in fundamental changes to the financial system.
The head of Galaxy Digital forecast Bitcoin to reach $500,000 within ten years. Over the same period, the investor believes, 75% of cryptocurrencies will disappear from the market.
Earlier in September, Novogratz called Bitcoin ‘the next Internet’, a move that no investor should miss.
In June he stated that the first cryptocurrency will never become a means of payment, because its blockchain is not suited for that.
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