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Bitcoin’s prominence is forecasted to surpass that of gold, primarily due to the substantial wealth held by the baby boomer generation. Mike Novogratz, the CEO of Galaxy Digital, predicts that Bitcoin will become more significant than gold, driven by the trillions of dollars in wealth owned by baby boomers.&nbsp;
Novogratz suggests that investors will increasingly favor trading digital gold over physical gold, marking a significant shift in the financial landscape. This assertion underscores the growing acceptance and adoption of Bitcoin as a store of value and highlights its potential to reshape traditional investment preferences.
<h2 class="wp-block-heading" id="bitcoin-is-about-to-end-the-war-on-gold-supremacy">Bitcoin is about to end the war on gold supremacy</h2>
With Bitcoin (BTC) trading above $60,000 for the first time in two years, Galaxy Digital CEO Mike Novogratz believes the crypto asset will soon surpass gold as the most popular among investors.
During a Thursday interview with Bloomberg TV, the billionaire CEO emphasized his confidence that Bitcoin (BTC) has the ability to outperform gold and become the largest store of wealth in history, despite the enormous market capitalization gap between the two.
Gold now has a market capitalization of $13.79 trillion, whereas Bitcoin’s market capitalization is $1.21 trillion, or around one-tenth of gold’s worth.
He notes that most of the estimated $85 trillion in baby boomer money is managed by registered investors, roughly half of whom have access to the ten recently approved spot Bitcoin ETFs.
The billionaire investor and co-founder of Galaxy Digital believes that if major investment platforms such as BlackRock and Fidelity, which serve a large number of baby boomers, recommend allocating even a small percentage of assets to Bitcoin, trillions of dollars could flow into the crypto market.
Novogratz’s optimism stems from the developing dynamics of wealth management. He emphasized that younger investors, notably Gen Z and millennials, prefer digital assets like Bitcoin to traditional forms of investing such as gold.
“This is probably the first time in the history of Bitcoin that we have a true price discovery,” he added, noting that neither institutional nor individual investors had ever had access to it.
<a href="https://www.bloomberg.com/news/articles/2024-02-29/galaxy-s-novogratz-warns-of-bitcoin-correction-before-rallying-to-record" rel="noopener noreferrer nofollow" target="_blank">Novogratz </a>also forecasts that once the boomer wealth bubble has passed down a generation, allocations to digital assets will only increase. He projected that the shift in investor opinion will result in widespread Bitcoin adoption in the coming years.
“For every Charlie Munger – God rest his soul – who passed away, that money is finding its way to Gen Z and millennials, and they feel much more comfortable with digital gold than old, clunky gold,” he said in an interview with Bloomberg.
<h2 class="wp-block-heading" id="mike-novogratz-warns-of-possible-market-corrections">Mike Novogratz warns of possible market corrections</h2>
Novogratz also spoke on Bitcoin’s recent run, which saw the leading crpto coin surpass $64,000 on Thursday before backtracking somewhat during the interview. Rather than predicting BTC’s next move, he warned that the crypto could experience corrections before achieving a new all-time high this year, surpassing $69,000 in 2021.
The billionaire CEO labeled the current market level as “frothy,” stressing that BTC is in a price discovery phase as a result of the ETFs, which have brought in “a new army” to test the market. Despite the warning, he believes Bitcoin’s price will not fall below the mid-$50,000 range before rebounding.
“I wouldn’t be surprised to see some corrections and some consolidation. If it corrects, it might correct to the mid-$50,000s before taking off to the new high,” he said.
According to Bloomberg statistics, demand has been boosted by massive net inflows into ETFs, which set a new record for daily trading volumes on Wednesday, totaling more than $7.6 billion. The day prior, BlackRock’s iShares Bitcoin Trust (IBIT) ETF received $520 million, its largest daily inflow to date.
Furthermore, on April 19, Bitcoin will undergo a “halving,” which will reduce the daily supply of newly generated coins by 50%, providing another tailwind. This event has traditionally caused prices to skyrocket, climbing by an average of 14% in the lead-up.
However, Matteo Greco, an analyst at Fineqia International, stated that the cycle’s performance is already “really different” from the previous three halvings as we approach the all-time high over two months before the event. “It’s not something that has happened before,” he added, adding that Bitcoin normally reaches its pinnacle six to twelve months after halving.

Here’s why Bitcoin will outshine Gold – Galaxy CEO Mike Novogratz details it out

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