According to Mike Novograts, CEO of Galaxy Digital, bitcoin will grow in price over the long term. BTC businessman and supporter expressed his forecast in an interview with Yahoo Finance Live.
Novograts stressed that this year’s rise in the crypt currency was the result of a massive inflow of capital into this asset by institutional investors.
He emphasised that this was the result of a massive inflow of capital into this asset by institutional investors:
Bitcoin has become a macro asset to protect against the depreciating fiat currency both in the US and abroad. Everyone should invest between 2% and 3% of their capital in Bitcoin and look at it in five years.
According to the CEO of Galaxy Digital, by 2025, the value of BTC will be significantly higher than what we are seeing today. At the same time, he claims that volatility in the market will remain. However, it is unlikely that the coin will become cheaper again below $12,000.
Novograts recently announced that the BTC price could reach $20,000 by the end of 2020.
Many other observers also expect the positive trend to dominate the cryptovoltaic market. For example, Todd Gordon, founder of TradingAnalysis, said earlier on CNBC that the Bitcoin price could rise to $74,000 in 2021.