Bitcoin has often been hailed as a hedge against centralized governments’ bad policies, and that narrative isn’t going away anytime soon.
Mike Novogratz, the CEO of Galaxy Digital, believes that Bitcoin will continue to gain traction as long as nations’ economies continue to deteriorate.
Bitcoin’s adoption will only accelerate, says Novogratz
Novogratz stated in an interview with CNBC that Bitcoin will not work as a transactional currency. However, Its strength would be as a store of value (SOV) asset or “digital gold,”
Bitcoin adoption as an SOV, according to the serial investor, is already quite advanced. By a number of participants, the Bitcoin community is now the world’s eighth-largest country, surpassing even Russia. Participants who have lost faith in their governments have been drawn to the community, and they will continue to do so as long as the trust is destroyed.
Novogratz cited the United States, Turkey, and Russia as examples of the growing disillusionment with governments.
He explained that if the Fed chairman Jerome Powell, or the treasury secretary Janet Yellen, could get the US economy out of inflation, there would be no need for US citizens to buy Bitcoin.
Similarly, given the current economic situations in both nations, Russian and Turkish residents with assets in the Russian ruble or Turkish lira would be feeling dumb right now.
And so, when there is bad stewardship of the economy – which our stewardship has not been great, let’s make no bones about it – Bitcoin provides a great alternative, Novogratz maintained.
The bullish forecast for bitcoin is as solid as ever
The Bitcoin bull earlier predicted that “Viral adoption” of the pioneer cryptocurrency will be the catalyst for the asset’s price to reach $500,000 in the next five years.
The CEO of Galaxy Digital isn’t the only bull who has changed his mind about Bitcoin. Bitcoin, according to Michael Saylor, CEO of MicroStrategy, is “the American dream” since it is unaffected by political tensions.
However, Bitcoin has continued to move with apparent market volatility. In the last week, the price has ranged between $41,300 and $37,700. Bitcoin is trading at roughly $40,700, down 0.11 percent in the last 24 hours at the time of writing.
