Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Michael Novogratz, who predicted BTC to hit $20,000 by the end of 2020, advises investors to own more gold than Bitcoin.
Michael Novogratz, one of the biggest Bitcoin (BTC) bulls in the world, does not recommend investors to put the majority of their funds into Bitcoin.
Although Novogratz is confident that Bitcoin âway outperformsâ the precious metal, it is still safer to buy more gold than Bitcoin due to the cryptocurrencyâs highly volatile nature.
Bitcoin is still âearly in the adoption cycle,â Novogratz says
âMy sense is that Bitcoin way outperforms gold, but I would tell people to have a lot less Bitcoin than they have gold, just because of the volatility,â Novogratz said during CNBCâs Fast Money on July 8.
According to Novogratz, Bitcoin is still âearly in the adoption cycle,â which means that the cryptocurrency is still hard to obtain. However, the major digital currency will be gradually gaining momentum as more companies around the world are introducing more tools to bring the mass adoption to crypto.
Novogratz said:
âBitcoin is still hard to buy. If it was easier to buy, it would be a lot higher. And there are more and more people making it easier to buy: funds being set up, custodies being done, at one point weâll get an ETF.â
Gold prices hitting 9-year highs amid coronavirus
Novogratzâs call to prioritize gold over Bitcoin comes amid gold prices hitting a nine-year high. On July 9, gold broke a $1,800 threshold, reaching the highest price since September 2011. The soaring gold prices are apparently a result of economic fears over the novel coronavirus. As of press time, spot gold trades at $1,810, up about 0.1% over the past 24 hours.
Novogratz is known as one of the biggest crypto and blockchain investors. He runs Galaxy Digital, a major crypto venture capital firm and trading desk. Alongside investing in the emerging industry, Novogratz is bullish on BTC price, predicting Bitcoin to hit $20,000 by the end of 2020.
Last year, Novogratz predicted that institutional interest would push the Bitcoin price back to $20,000 before the end of 2019. The cryptocurrency failed to meet these expectations, eventually trading around $7,000 at yearâs end.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.