“Bitcoin is going to be digital gold, a place where you have sovereign money,” Novogratz to Bloomberg.

Novogratz predicts BTC will reverse the trend and hit highs of $8,000.

The founder of Galaxy Digital, a digital bank specifically designed for merchants, Mike Novogratz has come out strongly bullish on Bitcoin again. Novogratz, who is also a former partner of the investment bank Goldman Sachs reckons that the largest crypto by market capitalization is uniquely placed in the digital asset universe.

The renowned Bitcoin bull made the remarks during a recent interview with Bloomberg where he argued that:

“There’s 118 elements on the periodic table, and only one gold [...] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”

Novogratz told Bloomberg that although blockchain robust in terms of securing value transfer, it is not a requirement for all cryptos to rely on its maximal security potential. He added that transaction based digital assets could perform better where security is traded for better efficiency gains.

Bitcoin is currently settling between $3,400 and $3,600. However, it continues to creep close to its bottom. Novogratz predicts that BTC will reverse the trend and hit highs of $8,000 in the medium-term. He also made it clear that “we’re not going to bubble back up,” while reflecting on the elongated declines in the last year showing “just how painful popped bubbles can be.”

According to Novogratz, the infrastructure that will allow for the institutionalization of Bitcoin and other cryptocurrencies is falling in place. There is a structural shift from “a people’s revolution to [an] institution[-led] one.”

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