- Michael Novogratz groups Bitcoin and gold together as stores of value.
- A Wolfe Research strategist reiterated a bullish stance on Bitcoin.
- Bitcoin has risen about 80% since the start of 2023.
Owning Bitcoin today feels far less alarming than it did six months ago, says Michael Novogratz, CEO of Galaxy Digital.
Novogratz explains his outlook on Bitcoin
Despite rising interest rates, the collapse of FTX, and increased regulatory scrutiny from the U.S. Securities & Exchange Commission against major crypto firms, Bitcoin has outpaced other financial assets, gaining roughly 80% year-to-date.
According to Novogratz, this strong performance reinforces that the world’s largest cryptocurrency is here to stay. Speaking on CNBC’s “Squawk Box,” he stated:
The normalization of a 5.0% budget deficit … is why Bitcoin, gold, silver trade great. I put them all in the same bucket. Bitcoin has got the additional adoption cycle.
Bitcoin as digital gold
Novogratz’s optimism is also shaped by growing institutional interest, including recent filings for a Spot Bitcoin ETF by major asset managers, which could attract additional capital to the market.
I’m more comfortable being long Bitcoin today than I was six months ago. I like to think of BTC as digital gold to store value.
At the same time, several asset managers are preparing Bitcoin-focused exchange-traded funds for European and other markets, which could further broaden access for institutional and retail investors.
On Thursday, Wolfe Research strategist Rob Ginsberg reaffirmed his bullish view on Bitcoin, while acknowledging the cryptocurrency still faces a difficult path to recover and surpass its previous all-time highs.