The CEO of Galaxy Investment Partners estimates that around 140 million people have adopted Bitcoin so far. The billionaire investor said the cryptocurrency had been around amid a lack of confidence in the US dollar.
Mike Novogratz recently said that Bitcoin (BTC) should allow people to store the fruit of their work. The CEO of Galaxy Investment Partners talked to renowned cryptocurrency influencer Anthony Pompliano about the impact of Bitcoin on humanity.
The executive considers that the level of adoption of Bitcoin is reaching a turning point. He said that was understandable as institutions, hedge funds, and many more people are acquiring it worldwide.
Novogratz mentioned that Russia and Turkey administered the financial economy horribly, which led the use of Bitcoin to increase. He commented that people see the pioneering cryptocurrency as a gift from God that allows them to the fruit of their work.
The billionaire cryptocurrency investors stated that Bitcoin is a state of 140 million people, referring to the number of users who own some Bitcoin. He believes that the ecosystem has an economy that positions it as the eighth-largest country. In addition, he predicted that the crypto asset would continue to grow without anyone forcing its use.
Concerning the current narrative in the Bitcoin environment, Novogratz said that the order in the eighth-strongest economy is long-term storage. He explained that this contrasts with the message prevailing in the rest of the world. He highlighted that no one would keep US dollars in cash under the mattress or deposit USD 10 billion in a bank account.
Novogratz told Pompliano that the collapse in confidence in the US dollar began to emerge with Bitcoin. He pointed out that people stopped trusting authority, banks, or the government, leading to a bearish confidence market. The executive said that the media outlets show that people no longer see the US dollar as a risk-free asset.
However, he warned that the narrative about Bitcoin is not that it will replace the US dollar or become a payment method to buy fancy shoes. He explained that people are talking about taking a part of their wealth to preserve it and store it with an asset correlated with NASDAQ.
If Bitcoin Rises, the Other Economies Have Crashed
Novogratz confessed that he hoped the US dollar would remain stable and Bitcoin would not skyrocket to infinity. He said that the rest of the Western world would collapse and lose social order if the opposite happened.
For that reason, he believes that the Bitcoin price can reach USD 1 million. He considers Western financial stability will have vanished if the value breaks through that barrier.
Two years ago, Novogratz recommended investing between 2% and 3% of personal assets in Bitcoin and seeing the results within five years.
Bitcoin is trading at around USD 43,546 and has accumulated a 0.3% loss over the last 24 hours. Its daily trading volume is above USD 28.08 billion, and its market capitalization is about USD 827.94 billion, according to CoinGecko.
By Alexander Salazar
