Aug 15, 2020 09:20 UTC
Aug 15, 2020 at 09:20 UTC
Mike Novogratz of Galaxy Digital Says Bitcoin is Better than Gold Right Now:
It was revealed that Warren Buffett, through Berkshire Hathaway, traded many bank stocks while acquiring Barrick Gold shares. There is a debate in few circles over what investment is healthier in the current macroeconomic environment, gold or BTC?
Conferring to Mike Novogratz, Bitcoin is probably better than the precious metal. This is sentimentality that has also been thought by players like Raoul Pal, a former Goldman Sachs partner.
Is Bitcoin Better Than Gold Right Now?
On August 14th, Mike Novogratz divulged his latest thoughts on financial markets, crypto comprised. Reverberating the commentaries, he made on Twitter, the Galaxy Digital chief executive proclaimed that gold has the potential to hit $2,500 to $3,000 per ounce. His confidence was based around the money printing & “liquidity” being spearheaded by the world’s central banks. Remarking on BTC, he supposed that the cryptocurrency is expected to be a better investment than gold soon. As Bloomberg wrote:
“He said he thought the cryptocurrency, which has surged in value in recent weeks, had “crossed the Rubicon” on the question of whether it’s a good store of value, and said he considers it a better investment than gold at the moment.“
This latest statement comes soon after Novogratz supposed that he thinks Bitcoin will hit $14,000 in the coming months. He furthered that BTC could hit $20,000 by the end of the year, which would spot a 70% rise from current levels.
Some More Have The Same Opinion:
Raoul Pal, a former head of Goldman Sachs’ hedge fund sales division & the CEO of Real Vision, stated that he thinks all trades are inferior to Bitcoin at the moment:
“In fact, only one asset has offset the growth of the G4 balance sheet. It’s not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon: Yup, Bitcoin. My conviction levels in bitcoin rises every day. I’m already irresponsibly long. I am now thinking it may not be even worth owning any other asset as long-term asset allocation, but that’s a story for another day (I’m still thinking through this).“
Pal furthered that he is “irresponsibly long” on Bitcoin.
Similarly, discussing this sentiment is Robert Kiyosaki, the author of “Rich Dad Poor Dad.” He supposed on the matter last week:
“GOLD is up 35 percent in 2020. S&P only 3 percent. Silver is still the best, still 30 percent below the all-time high. Best because it is limited in quantity, used in industry, & still affordable for those with tight budgets. The sleeper is Bitcoin. I suspect it is about to become the fastest horse.“