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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