Mike Novogratz: Bitcoin is digital gold with no transactional power

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Updated September 21, 2022 | Published October 27, 2020

2 mins read

Speaking to Bloomberg last week, Novogratz commented about the current state of development of Bitcoin and its true purpose.

According to him, Bitcoin is just like digital gold, although it lacked the transactional value of mainstream currencies.

Yet, millennial investors are bound to have a go at it, Novogratz argued in his interview with Bloomberg.

He further said that Bitcoin should be mostly recognised for its ability to store wealth rather than serve as the basis of day-to-day transactions.

“Bitcoin as gold, as digital gold, is just going to keep going higher,” Novogratz argued.

Meanwhile, the value of Bitcoin surged on the news that PayPal would support the cryptocurrency and allow transactions at over 26 million vendors.

The BTC value was $13,169 on Monday, jumping 14% over the past seven days.

The size of the cryptocurrency market is posted at $400 billion, when the market started at half that amount at $195 billion at the beginning of 2020.

Novogratz believes Bitcoin will lack transactional power over the next five years, but he was buoyant on the fact that more mainstream financial institutions are beginning to embrace cryptocurrencies.

Blockchain gaming websites such as Bitcasino, FortuneJack, and 1xBit are all looking into cryptocurrency solutions.

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David

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.

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