EddieJayonCrypto
18 Dec 24
Galaxy Digital founder and CEO Mike Novogratz predicts that Bitcoin could surpass gold's market capitalization in 5 to 8 years, as its market cap has reached 14% of gold's value. Bitcoin's current market cap of $2.13 trillion exceeds two-thirds of the gold held by global central banks. Federal Reser...
Galaxy Digital founder and CEO Mike Novogratz predicts that Bitcoin could surpass gold's market capitalization in 5 to 8 years, as its market cap has reached 14% of gold's value. Bitcoin's current market cap of $2.13 trillion exceeds two-thirds of the gold held by global central banks.
Federal Reserve Chair Jerome Powell acknowledged Bitcoin as a "digital version" of gold but emphasized its speculative nature and distinct role from sovereign currencies. The rising market cap and investor sentiment indicate growing confidence in Bitcoin's potential to challenge gold as a store of value.
Galaxy Digital founder and CEO Mike Novogratz believes Bitcoin could match and eventually surpass gold’s market capitalization within five to eight years. Bitcoin’s market cap has reached 14% of gold’s $17.8 trillion value, exceeding two-thirds of the gold held by global central banks. Federal Reserve Chair Jerome Powell recently acknowledged that Bitcoin is a “digital version” of gold but dismissed its competition with the US dollar.
US-based Bitcoin ETFs surpassed gold ETFs in total assets under management, with Bitcoin ETFs reaching $129.25 billion compared to gold’s $128.88 billion. Novogratz's remarks reflect growing confidence in Bitcoin's potential to challenge gold’s status as the dominant store of value, aligning with increasing institutional adoption and favorable market conditions.