Bitcoin will skyrocket - says Wall Street's biggest crypto bull
Mike Novogratz, the former executive of Goldman Sachs and the current CEO of Galaxy Digital has made the statement that Bitcoin will skyrocket when the next financial crisis hits.
“As Bitcoin is becoming digital gold, and really the only crypto that has value just because it does, it is the hedge against these Minsky moments...If the stock market goes down, that’s not going to make Bitcoin go up.’ But if we start having a real financial crisis, a breakdown in trust and government securities, then it’s going to skyrocket. Because it really is hard money. You could also buy gold, but it’s going to replace gold," said Novogratz, referring the impending shift from paper money to Bitcoin.
His prediction is that "institutions, Canadian pension fund, and others," will start accumulating small amounts of Bitcoin and that it would be an unwise choice not to join them.
Anthony Pompliano, the founder of Morgan Creek Digital, has also jumped on the bandwagon with his statement regarding institutions already being involved in Bitcoin - it is not a matter of if, it is a matter of when. Morgan Creek Digital has already started focusing its investments in companies that are focused on building blockchain and growing the crypto-economy.
Morgan Creek Digital is not alone in this movement as Galaxy Digital has also invested its money in improving the crypto-economy by investing in cryptocurrency and blockchain companies such as Bakkt, AlphaPoint, BitGo, BitFury, Bitstamp, Block.one, BlockFi, Caspian, Ripple and Xapo.
Businesses would be wise to start investing in Bitcoin and other cryptocurrencies. There is little doubt that the world will suffer through another financial crisis and it is a no-brainer to think that cryptocurrency will rise at this time. It is a system that does not rely on central banks or governments, which is exactly what the public will be searching for in the time of a crisis.