Editors Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina)Editors Note: This article comes from
Cointelegraph Chinese (ID: CointelegraphChina)
, Author: HELEN PARTZb, reprinted with authorization by Odaily.
Michael Novogratz, one of the largest Bitcoin (BTC) bulls in the world, does not recommend that investors put the majority of their money in Bitcoin.
While Novogratz believes bitcoin will outperform the precious metal, its still safer to buy more gold than bitcoin due to the high volatility of cryptocurrencies.
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Novogratz Says Bitcoin Is Still Early in the Adoption Cycle
Bitcoin is still early in the adoption cycle, Novogratz said, meaning the cryptocurrency remains difficult to acquire. However, Bitcoin will gradually gain momentum as more and more companies around the world introduce more tools for mass adoption of crypto.
Novogratz says:
“Bitcoin is still hard to buy. If it is easier to buy, the price will be higher. More and more people are making it easier to buy: start a fund, have custody, and one day we will get ETFs.”
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As gold prices hit a nine-year high, Novogratz called for prioritizing gold over bitcoin. On July 9, the price of gold broke through the $1,800 an ounce mark, reaching its highest price since September 2011. The surge in gold prices was apparently due to concerns about the economy amid the novel coronavirus outbreak. At press time, spot gold was trading at $1,810 an ounce, up around 0.1% over the past 24 hours.finallyNovogratz is one of the largest cryptocurrency and blockchain investors. He runs Galaxy Digital, a major crypto venture capital firm and trading platform. In addition to investing in the nascent industry, Novogratz is also bullish on the price of bitcoin, predicting that it will hit $20,000 by the end of 2020.
