Galaxy Digital CEO: ‘I’m extra comfy being lengthy Bitcoin right now’

• Michael Novogratz places Bitcoin and Gold in the identical bucket.
• Wolfe Analysis strategist reiterated his bullish view on BTC.
• Bitcoin is at present up 80% versus the beginning of the yr 2023.

Proudly owning Bitcoin right now is nowhere as scary because it was about six months in the past, says Michael Novogratz – the Chief Govt of Galaxy Digital.

Novogratz shares his view on Bitcoin

Rates of interest continued to go up this yr; FTX collapsed; the U.S. Securities & Change Fee got here down laborious on bellwethers of the crypto house.

And but, Bitcoin has outperformed each different monetary asset – now up 80% year-to-date.

What that establishes past doubt, as per Novogratz, is that the world’s largest cryptocurrency is right here to remain. On CNBC’s “Squawk Field”, he stated:

The normalization of 5.0% funds deficit … is why Bitcoin, gold, silver commerce nice. I put all of them in the identical bucket. Bitcoin has bought the extra adoption cycle.

Novogratz sees Bitcoin as digital gold

Novogratz drives his optimism additionally from BlackRock Inc that has lately filed with the regulator for a Spot Bitcoin ETF which may enhance institutional curiosity within the digital asset.

I’m extra comfy being lengthy Bitcoin right now than I used to be six months in the past. I like to think about BTC as digital gold to retailer worth.

In the meantime, Jacobi Asset Administration is all set to debut its Bitcoin-focused exchange-traded fund in Europe by the tip of this yr.

Additionally on Thursday, Wolfe Analysis strategist Rob Ginsberg reiterated his bullish view on BTC. He agreed, although, that the cryptocurrency has to battle an uphill battle to reclaim its former highs.