• Michael Novogratz places Bitcoin and gold in the identical bucket.
• Wolf Analysis strategists reiterated their bullish view on BTC.
• Bitcoin is presently up 80% in comparison with early 2023.

Galaxy Digital CEO Michael Novogratz says proudly owning bitcoin at the moment is not as scary because it was about six months in the past.

Novogratz Shares His Views on Bitcoin

Rates of interest continued to rise this yr. FTX collapsed. The U.S. Securities and Change Fee has severely criticized the chief of the cryptocurrency trade.

Nonetheless, Bitcoin has outperformed all different monetary property, up 80% year-to-date.

In line with Novogratz, this proves past a doubt that the world’s largest cryptocurrency will live on right here. He mentioned on CNBC’s “Squawk Field.”

Normalization of the 5.0% finances deficit…that is why Bitcoin, gold and silver buying and selling is booming. I put all of them in the identical bucket. Bitcoin has an extra adoption cycle.

Novogratz Sees Bitcoin as Digital Gold

Novogratz’s optimism can also be influenced by BlackRock’s latest submitting with regulators for a spot Bitcoin ETF that might enhance institutional curiosity in digital property.

I really feel extra snug going lengthy Bitcoin now than I did half a yr in the past. I like to consider BTC as digital gold for storing worth.

In the meantime, Jacobi Asset Administration plans to debut a Bitcoin-focused exchange-traded fund in Europe by the top of this yr.

Additionally on Thursday, Wolf Analysis strategist Rob Ginsberg reiterated his bullish view on BTC. Nevertheless, he agreed that cryptocurrencies should struggle exhausting to regain their former highs.