In a CNBC interview featuring Mike Novogratz today, the Galaxy Digital CEO and pioneer crypto investor states that he sees a parabolic event for both Bitcoin (BTC) and Ether (ETH) in the 4th quarter of 2021.
According to Novogratz, this foreseeable price surge for cryptos is driven primarily by the renewed influx of all kinds of investors within the space. He explains that the total market cap of the crypto industry as suppose to the overall global wealth is currently at about 0.5%, and it would inevitably grow further into the future.
Novogratz supplemented this notion by stating that people will find themselves shocked once BTC eventually reaches $80,000 or $100,000 apiece. At the same time, ETH has now made it past the $5,000 mark. The crypto industry has already seen several downs, most especially at the start of global lockdowns due to the ongoing COVID-19 pandemic, where all crypto plummeted in value. However, the space resurged and once again proved its impressive resilience, says Novogratz.
In the very same interview feature, the billionaire crypto proponent also stated that digital assets are quietly displacing gold as the go-to hedge asset to combat economic inflation. He then added that even though gold did him well earlier in the year as an investment, he has now seemingly grown tired of it and will instead focus more on cryptocurrencies.