Mike Novogratz is one of the most prominent Bitcoin bulls in the industry. The prolonged Bear Market has forced him to yet again share his views and opinion on Bitcoin and why Bitcoin is the “Digital Gold”.
Mike Novogratz, the CEO of the Crypto merchant bank Galaxy Digital said that Bitcoin will without a doubt survive this Bear market and will even thrive in the long haul. He also mentioned that he as well has lost money due to the harsh market conditions. Novogratz said that a few bad market calls can happen to anyone and despite that, he still believes that the Crypto-revolution will come in due time.
“A few bad calls” might be a slight understatement by Novogratz since the first 9 months of 2018 saw Galaxy Digital losing more than $136 million. The bank lost positions in Ether, XRP and Bitcoin.
Mike Novogratz believes in the Bitcoin Revolution
While such losses might hinder most people’s optimistic outlooks, Mike Novogratz remains extremely optimistic about Bitcoin acquiring the long-desired status of “digital gold” and its value proposition.
He told Bloomberg that:
“I truly believe Bitcoin will become digital gold. In a cruel twist of fate, that would make it the only coin out there, which will get to become a legal pyramid scheme – just like gold. Both Bitcoin and gold are similar because they are finite. Even so, all the gold mined throughout humanity’s history would probably fit in an Olympic-size swimming pool. There is simply no way that is worth $8 trillion, but it currently is because we say it is. People need to understand that game-changing revolutions do not happen overnight.”
Novogratz said that he left his position as a Goldman Sachs partner and hedge fund manager as soon as he saw Bitcoin. According to him, it’s a phenomenon like nothing seen before. He joins an ever-growing group of Crypto supporters who state that next year will be pivotal as it will be fueled by huge surge in Institutional Investments.
This summer, despite the bear market had multi-billion-dollar universities like Harvard, Yale and Stanford invest into Crypto. The move can be viewed as nothing short of support for the long-term growth of the assets. Many analysts speculate that due to the hive mind of institutions, these investments by universities will trigger a chain reaction which will ultimately attract other big-name Institutional Investors like pension funds.
Novogratz pointed out that Yale’s Chief Investment Officer, David Swensen put his own money and reputation on the line just to show the world that Bitcoin can be a store of value.