Bitcoin Crushes Gold As Crypto Adoption Cycle Accelerates, Says Mike Novogratz of Galaxy Digital

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Galaxy Digital CEO Mike Novogratz believes Bitcoin (BTC) is the new asset of choice for people looking to hedge against the effects of inflation.

In Galaxy Digital’s third-quarter earnings call, the billionaire said gold’s recent track record has likely been a disappointment for investors in the precious metal.

“I think if you had asked the gold bugs two years ago where the price of gold would be, given what happened in the monetary and fiscal conditions in the world, they would all have answered much higher than here at $ 1,800.

What happened? There has been a substitution of Bitcoin for gold. We saw it directly [and] indirectly. You see it in the graphics. I still think gold was probably an acceptable asset to own in this environment, but it just got crushed by Bitcoin… ”

Novogratz believes the adoption of Bitcoin will only continue to grow while comparing the rise of blockchain technology to how the digital camera has transformed photography.

“If you think of another change when we went from analog to digital, how many people still use Kodak films? Bitcoin is just a better version of a store of value, and it is being accepted at an accelerating rate …

There are now over 200 million people around the world participating in the Bitcoin ecosystem, and it continues to grow. “

The investor concludes that BTC has passed the use case test of whether people come to view the best crypto as a store of value.

“A store of value derives its value from the social construct [where] people agree that it is valuable. “I’m going to keep my hard-earned money, my job, my savings in this form. “

The debate on “Is it a store of value?” Is well finished. That was over nine months ago, and now it’s just adoption. And that doesn’t mean it won’t be volatile… I just think you’re going to continue to see it adopted. It’s cheaper to store. It’s easier to get around.

At the time of writing, Bitcoin continues its recent downtrend and is trading at $ 57,206.

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