Bitcoin [BTC]’s dominance over the cryptocurrency markets cannot be ignored. Moreover, the price movements on Bitcoin [BTC] controls the sentiments of the entire market. Nevertheless, there are a plethora of cryptocurrencies in the market with Facebook’s ‘Globalcoin’ reportedly, lining up for next year well.
Mike Novogratz, a Bitcoin ‘permabul’ and investor, feels that Facebook’s cryptocurrency is ‘wildly important’ for Bitcoin. This is because Facebook’s coin will probably be released as a stablecoin. However, Bitcoin will lead the space as the store of value. He also cited the discrepancy between the current market capitalization of gold and Bitcoin at the moment. He said in a recent interview with CNBC,
“Bitcoin really has established itself as a store of value. [Bitcoin and Gold] is Worth something only ‘coz its worth something. What’s Gold intrinsically worth? You could take all the gold in history and put it in three Olympic swimming pools and it’s worth 8.5 trillion dollars. Why?… We don’t use gold for anything another than to show our wealth.” He also said, “There is a long way between $140 billion and $8.5 trillion. “
On the institutional and retail investment, he said,
“Retail is still buying Bitcoin. Yale Endowment, moved into Bitcoin, Stanford Endowment, Moved into Bitcoin and Howard’s endowment has moved into Bitcoin. These are real names and real thoughtful investors.”
He also mentioned Microsoft’s move into providing identity solutions on Bitcoin. Therefore, he sees a lot of potential in Bitcoin as a store of value. Moreover, he also feels that Facebook builds a case for Bitcoin as a store of value, and there is no one better at it.
Last but not least, while Mike Novogratz sounds like a total Bitcoin Maximalist, he also believed in Web 3.0. He mentioned that Ethereum and EOS could transform the internet as well. Nevertheless, according to him, it could take two-five years to build that space.
Do you agree with Mike Novogratz? Please share your views with us.
- Luxury Car brand Lamborghini joins the NFT Bandwagon
- Mercedes Taps NFT Creators In Celebration of G-Class Series
- Why Ethereum (ETH) Price May Explode Coming July?
- Elon Musk Shamed After DogeBonk Took The ‘Moon Mission’ Challenge To The SpaceX Factory
- Cardano (ADA) Price Rises By 30% Last Week, Transactions Volume in last 24 hrs Surpasses $5 Billion
- Cardano (ADA) Dodges Broader Market Correction With Another 8% Gains
- MultiChain users at risk of Getting Hacked, as Six Cross-Chain Tokens Experiences Vulnerability
- ‘Ripple is giving SEC more Trouble than Anyone in Crypto’ Attorney Chervinsky
- OpenSea Sets New ATH For Monthly Trading Volume, Surpasses $3.5B in ETH
- Malaysian Converts Selfies Into NFTs, Becomes Millionaire In Just 5 Days
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?