Bitcoin market cap will surpass gold - Mike Novorgatz

Bitcoin (BTC) stays unchanged at $3,970 as the market cannot decide on where to go next. $4,000 seems to be a tough nut to crack for the bulls after several failed attempts to breakthrough.  

Meanwhile, the founder of Galaxy Digital Mike Novogratz expressed a view that Bitcoin capitalization would easily surpass the global gold’s market cap within 20 years. It is worth noting that currently the gold’s market is value at $7.5 trillion against Bitcoin’s capitalization of just $70.9 billion according to CoinMarketCap. 

Speaking with Morgan Creek Digital’s founder Anthony Pompliano, Novogratz emphasized, that the institutional adoption is a matter of time. The institutional money will come to the cryptocurrency market. It’s the question of when, not if. He also underlined that such big players as Goldman Sachs and Intercontinental Exchange (ICE) had been already exploring the possibilities of the new industry. 

“I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work,” he said as cited by Daily Hodl.

He believes that Bitcoin has a huge upside potential and recommends investors to include the first digital currency in their portfolios.

Novogratz forecasts echos the views aired by EOS founder Brendan Blumer. He also believes that Bitcoin will replace gold in 20 years.