CandleFocus Mike Novogratz Predicts Bitcoin Might Eclipse Gold in Five Years
2024-12-17
Author: Content Editor
Galaxy CEO Mike Novogratz predicts that Bitcoin will overtake gold in terms of market capitalization within the next five to eight years. This comes as Bitcoin's market cap reaches 14% of gold's market cap, hitting a new all-time high. The cryptocurrency reached a record high of $107,822 before the expected rate cut by the US Federal Reserve. Currently, gold is valued at $17.8 trillion, while Bitcoin stands at $2.13 trillion. The market cap of Bitcoin now surpasses two-thirds of the value of gold held by central banks. US-based Bitcoin exchange-traded funds have also surpassed gold ETFs in terms of assets under management. This news follows US Federal Reserve Chair Jerome Powell's statement that Bitcoin is a digital version of gold and does not compete with the US dollar. Anthony Scaramucci, founder of SkyBrige Capital, believes that the SEC's refusal to approve a Bitcoin ETF has held back Bitcoin prices. However, the agency recently approved a Bitcoin ETF after a legal victory for asset management company Grayscale.
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