Posted 6 months ago | by @devadmin
Bitcoin (BTC) has reached notable fame in the decade since its 2009 launch. Big mainstream players are now investing large sums of money into the “digital gold” including — MicroStrategy, and Square. Mike Novogratz, CEO of Galaxy Digital, said Bitcoin is now an obvious financial play for hedge funds and believes that as time goes on BTC will become easier and easier to buy.
“On a risk-adjusted basis, BTC is an easier bet today than it has ever been,” Novogratz said in an Oct. 27 tweet. “It’s being de-risked daily.”
Novogratz was also recently interviewed by Bloomberg TV, in which he said that Bitcoin won’t be used as a currency for at least a period of five years. However, he sees Bitcoin prices going a lot higher because BTC is being used as a store of value.
“I don’t think Bitcoin is going to be used as a transactional currency any time in the next five years,” Novogratz said in an interview with Bloomberg TV, posted on Oct. 23. “Bitcoin is being used as a store of value,” he added. “People are worried that the central banks around the world are debasing fiat currencies.”
Novogratz also made comments on Paypal getting into the cryptocurrency space expressing, that “Paypal is the largest bank in terms of accounts in the world.” He believes that Paypal jumping into Bitcoin will push other banks and VISA and Mastercard to get involved in cryptocurrency as well.
Novogratz stated that blockchain is going to reshape the financial world in the next 10 year. He also commented on more and more infrastructure being put in place to allow easier buying and selling of cryptocurrency, mentioning Paypal as one example.
You can watch the Bloomberg video interview with Novogratz below.
Bitcoin is currently trading at [FIAT: $13,701.24] UP +5.1% in the last 24 hours according to Coingecko at the time of this report.