Galaxy Digital founder Mike Novogratz said in a CNBC commentary that the market capitalisation of the first cryptocurrency is set to reach—and surpass—the total market value of gold.
The investor is shocked by the pace of adoption of digital assets. He also conceded that his previous forecast for Bitcoin’s price at $60,000 was too conservative.
“Bitcoin is on an inevitable path to reach—and surpass—the market capitalisation of gold,” said Novogratz.
According to the data service CompaniesMarketCap, at the time of writing the total market value of gold stood at $10.8 trillion. According to CoinGecko, Bitcoin’s market capitalisation exceeds $1.1 trillion.
Earlier in February, Novogratz predicted the price of Bitcoin would rise to $100,000 by the end of 2021, if other companies followed Tesla’s example — the automaker disclosed investments in digital gold of $1.5 billion.
In late March, popular crypto analyst Willy Woo called selling Bitcoin ‘madness’ right now. In his view, 2021 will bring the final leg of a three-year rise—an ‘explosive bull rally’.
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