With Bitcoin's price continuing to test support at around $ 19,000, Galaxy Digital founder and CEO Mike Novogratz recommends holding the currency until 2025.
In an interview with Yahoo Finance Life published on November 25, Novogratz said that the current Bitcoin (BTC) rally is being fueled by notable institutions and investors "slowly entering the field". He cited companies like PayPal and Square that espouse cryptocurrencies, as well as billionaire Stanley Druckenmiller who recently indicated that digital assets may be worth more than gold.
“Bitcoin has become an overall asset to hedge against the depreciation of fiat currency here in the US and abroad,” said Novogratz. "Everyone should put 2% to 3% of their net worth in Bitcoin and look at it in five years, and it's going to be much more than that."
The CEO also stated that he believes the volatility of crypto assets will remain, but finds that it is unlikely that the Bitcoin price will fall below $ 12,000 again. Last week, in a response on Twitter to English actress Maisie Williams, he said that Bitcoin would eventually reach $ 65,000 due to a combination of low supply and "tons of new buyers."
In 2018, Novogratz founded Galaxy Digital, a major cryptocurrency venture capital firm. Today, it is recognized as one of the largest investors in cryptocurrency and blockchain. The CEO has often been optimistic about the Bitcoin price, predicting that the asset will reach $ 20,000 by the end of the year.
At the time of writing the article, Bitcoin has reached $ 18978, after rising by more than 6% in the past week.
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