Bitcoin Is Better Than Gold Right Now: Galaxy Digital’s Mike Novogratz
- Eyes are starting to fall on both Bitcoin and gold as money printing continues.
- Case in point: It was revealed that Warren Buffett through Berkshire Hathaway sold many bank stocks while acquiring Barrick Gold shares.
- There is a debate in certain circles over what investment is better in the current macroeconomic environment, gold or BTC?
- According to Mike Novogratz, Bitcoin is likely better than the precious metal.
- This is a sentiment that has also been said by players like Raoul Pal, a former Goldman Sachs partner.
Bitcoin Is Better Than Gold Right Now?
Speaking with Bloomberg on August 14th, Mike Novogratz divulged his latest thoughts on financial markets, crypto included. Echoing the comments he made on Twitter, the Galaxy Digital chief executive asserted that gold has the potential to hit $2,500 to $3,000 per ounce.
His optimism was based around the money printing and “liquidity” being spearheaded by the world’s central banks.
Commenting on BTC, he said that the cryptocurrency is likely to be a better investment than gold in the near future. As Bloomberg wrote:
“He said he thought the cryptocurrency, which has surged in value in recent weeks, had “crossed the Rubicon” on the question of whether it’s a good store of value, and said he considers it a better investment than gold at the moment.”
This latest comment comes shortly after Novogratz said that he thinks Bitcoin will hit $14,000 in the coming months. He added that BTC could hit $20,000 by the end of the year, which would mark a 70% rally from current levels.
Not the Only One That Thinks So
Raoul Pal, a former head of Goldman Sachs’ hedge fund sales division and the CEO of Real Vision, commented that he thinks all trades are inferior to Bitcoin at the moment:
“In fact, only one asset has offset the growth of the G4 balance sheet. Its not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon: Yup, Bitcoin. My conviction levels in bitcoin rise every day. Im already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation, but that’s a story for another day (I’m still thinking through this).”
Pal added that he is “irresponsibly long” on Bitcoin.
Also discussing this sentiment is Robert Kiyosaki, the author of “Rich Dad Poor Dad.” He said on the matter last week:
“GOLD is up 35% in 2020. S&P only 3%. Silver is still the best, still 30% below all time high. Best because it is limited in quantity, used in industry and still affordable for those with tight budgets. The sleeper is Bitcoin. I suspect it is about to become the fastest horse.”
GOLD is up 35% in 2020. S&P only 3%. Silver is still the best, still 30% below all time high. Best because it is limited in quantity, used in industry and still affordable for those with tight budgets. The sleeper is Bitcoin. I suspect it is about to become the fastest horse.
— therealkiyosaki (@theRealKiyosaki) August 8, 2020
How the cryptocurrency outperforms gold, though, remains to be seen.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nick Chong, @Khareem Sudlow