Bitcoin has a long way to go for mass adoption – Novogratz
Democratic victory will make life difficult for financial markets, believes chapter Galaxy Digital
Bitcoin has more potential than gold, but it will take a long time for mass adoption
The bitcoin supporter also believes that Biden’s victory in the upcoming elections will not be as beneficial as for society
Founder of cryptocurrency-focused bank Galaxy Digital Holdings, Mike Novogratz, said he prefers bitcoin gold, since the initial threshold for entering the cryptocurrency market was much more difficult than in the case of gold.
At the same time opinion “Bitcoin bull”, bitcoin will take a long time to overtake gold in popularity, since the capitalization of the leading cryptocurrencies everything yet inferior to precious metal.
“Him [bitcoin] market cap is Total $ 220 billion, while gold is more $ 10 trillion So bitcoin has a long way to go to overtake gold through simple adoption, ”he said..
Novogratz also commented on the possible victory of a representative of the Democratic Party, saying that Joe Biden’s victory will not do the same good for the markets as it can do for society..
Novogratz considers, that a Democratic victory would have the worst impact on markets under the guise of taxation.
“Corporate taxes will be raised. Personal income tax will be raised. And most importantly, the stock market, capital gains tax will rise, “added the ex-Wall Street trader..
Meanwhile, Buffett’s investment company invested for the first time in market gold by purchasing shares of the largest gold mining company.
Buffett holds about the same position regarding bitcoin to this day., but until that the Berkshire Hathaway Group seems to have decided that the best investment in a crisis is this investment in gold.
It is worth noting that against the backdrop of the coronavirus crisis, even Novogratz urged to stock up on gold, not bitcoin, due to high volatility last.
“I think bitcoin is superior to [gold], but I would advise people to have a lot less bitcoin., than gold, namely due to volatility “, – said Novogratz in early July in an interview with CNBC Fast Money.
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