Soon Bitcoin will not be used in everyday transactions. What the well-known big investor Mike Novogratz predicts.
It is the “digital gold” and it is certain that in the coming years it will not be used in the way it is used today. This is supported by well-known big investor Mike Novogratz, referring to Bitcoin.
“The cryptocurrency is considered ‘digital gold’. Five years from now it won’t be used as a traditional currency,” the billionaire said, speaking to Bloomberg.
According to Novogratz, Bitcoin has already started to be used as a “value reserve”. As the big investor points out, the cryptocurrency can still hold a small share in the markets, as it is usually “voted” by young people who still do not have much impact on the capital markets.
Older investors, after all, are… market connoisseurs, continue to use gold as a reserve of wealth.
Soon Bitcoin will not be used in everyday transactions
But as Novogratz explains, Bitcoin will soon cease to be used for everyday transactions. Indeed, he, a well-known lover of the cryptocurrency market, predicts a further rise in the price of Bitcoin in the near future.
“Bitcoin will continue to move upward, just as gold does. As time goes by, more and more investors will put the cryptocurrency in their portfolios,” he adds.
It is worth noting here that the price of Bitcoin has recorded a 14% (!) rally in the past week alone, while in recent hours it has traded above the levels of $13,400 Now it is trading over $16.000.
The global cryptocurrency market capitalization has now reached 398 billion USD – up from USD 195 billion in 2020 – as shown by the latest data from CoinMarketCap.com. Bitcoin’s capitalization alone has reached 244 billion dollars while the cryptocurrency is the largest digital currency in circulation, covering 61% of the total market.
What fueled the rally
The recent rally in the price of Bitcoin was fuelled by the decision by US digital payment company PayPal to allow its customers to buy and hold cryptocurrencies.
“PayPal’s decision was the fact of the year for cryptocurrencies” comments Novogratz, while predicting that very soon – perhaps within a year – other companies will follow the example of PayPal, such as Visa, Mastercard, and American Express.
“The question no longer arises as to whether Bitcoin is an asset, or whether the cryptocurrency market will be part of the global wealth market. The question is no longer if, but when…”, concludes the big investor.