‘I’m more comfortable being long Bitcoin today’

Michael Novogratz puts Bitcoin and Gold in the same bucket.
Wolfe Research strategist reiterated his bullish view on BTC.
Bitcoin is currently up 80% versus the start of the year 2023.

Owning Bitcoin today is nowhere as scary as it was about six months ago, says Michael Novogratz – the Chief Executive of Galaxy Digital.

Novogratz shares his view on Bitcoin

Interest rates continued to go up this year; FTX collapsed; the U.S. Securities & Exchange Commission came down hard on bellwethers of the crypto space.

And yet, Bitcoin has outperformed every other financial asset – now up 80% year-to-date.

What that establishes beyond doubt, as per Novogratz, is that the world’s largest cryptocurrency is here to stay. On CNBC’s “Squawk Box”, he said:

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.

Novogratz sees Bitcoin as digital gold

Novogratz drives his optimism also from BlackRock Inc that has recently filed with the regulator for a Spot Bitcoin ETF which could boost institutional interest in the digital asset.

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.

Meanwhile, Jacobi Asset Management is all set to debut its Bitcoin-focused exchange-traded fund in Europe by the end of this year.

Also on Thursday, Wolfe Research strategist Rob Ginsberg reiterated his bullish view on BTC. He agreed, though, that the cryptocurrency has to fight an uphill battle to reclaim its former highs.