Michael Novogratz, Chief Executive of Galaxy Digital, believes that owning Bitcoin is no longer as daunting as it was six months ago. With interest rates on the rise, FTX’s collapse, and the U.S. Securities & Exchange Commission cracking down on crypto space bellwethers, Bitcoin has still managed to outperform other financial assets, increasing by 80% since the start of the year.
This has led Novogratz to believe that Bitcoin is here to stay. On CNBC’s “Squawk Box”, he stated: “The normalization of 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.”
The bullish outlook is also supported by BlackRock Inc filing with the regulator for a Spot Bitcoin ETF, as well as Jacobi Asset Management debuting its Bitcoin-focused exchange-traded fund in Europe by the end of the year.
Wolfe Research strategist Rob Ginsberg also expressed a positive view on Bitcoin, noting, however, that the cryptocurrency has to fight an uphill battle to regain its former highs. He said: “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.”
It appears that, despite a host of challenges, Bitcoin is becoming increasingly accepted in the financial space.
