The CEO of Galaxy Digital, one of crypto’s biggest investment firms, says Bitcoin’s market cap can easily pass gold in the next 20 years.
In a new interview with Morgan Creek Digital founder Anthony Pompliano, Mike Novogratz says it’s a matter of time before institutional players like Goldman Sachs and Intercontinental Exchange enter the space.
“I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.
Listen, the regulatory framework isn’t there yet on security tokens. We’re working really hard on our security token business and we’ve got, I think, some cool things in the hopper.”
According to Novogratz, Bitcoin’s upside potential remains strong, and traders would be smart to allocate a small percentage of BTC in their portfolio.
“I think the macro case for [Bitcoin] is pretty strong. And so, if you can put a couple percent of your portfolio in, there’s a decent chance it catches wind. Fidelity is just getting set up. Bakkt continues to get delayed a little bit, but it’s not going to be delayed forever. They’re going to be in the game. And there’s lots of other players coming.
Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff.