Mike Novogratz, a well-known investor, and CEO of Galaxy Digital have made outstanding remarks about the world’s biggest cryptocurrency, Bitcoin. Novogratz stated on Twitter that Bitcoin is the progress report on monetary policy and financial stability. Additionally, he said the coin was designed for this era.
The CEO’s statements are supported by a study published by Galaxy, which shows that Bitcoin data is becoming increasingly bullish. According to him, Bitcoin is now the best-performing asset of the year in terms of absolute adjusted basis and surpassed banks, growth stocks, and major stock benchmarks.
Based on the research, Bitcoin’s correlation with gold is rising, while its correlation with equities is falling to its lowest level, demonstrating that it acts more like a safe-haven asset in times of crisis. Additionally, futures open interest and perpetual swap funding rates also suggest that the rally is spot-based rather than speculative.
Interestingly, Novogratz’s statements are supported by recent data from investment banking firm, Goldman Sach, which ranked Bitcoin as the best-performing investment asset, above technology, banks, and gold.
Novogratz Remains Bullish on Bitcoin
Novogratz has always supported Bitcoin and continues to be optimistic about it. He has stated that he believes Bitcoin is the “digital gold” and has the ability to overtake other assets as the primary store of value in the world.
In a recent interview, the CEO stated that Bitcoin was designed for this current environment when questioned about trades amid a potential credit crunch following the collapse of some major banks in the US.
Novogratz has been particularly optimistic about Bitcoin’s potential in the face of increasing inflation and a weakening US dollar. He even predicted that the price of Bitcoin could rise up to $30,000 in the first quarter of 2023.
He emphasized that the restricted quantity, decentralized structure, and rising popularity of Bitcoin among institutional investors make it an appealing investment prospect.
In addition to his own personal Bitcoin investments, Novogratz’s firm, Galaxy Digital, has made significant cryptocurrency investments. The company operates a trading desk for cryptocurrencies and has launched several investment funds focused on digital assets.
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