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Michael Novogratz: 2020 is the year of Bitcoin

3 min reading

In one of the interviews, Michael Novogratz said, that Bitcoin is his investment type due to the global situation and Coronavirus pandemic. He described current situation as a “money-printing global orgy”.

bitcoin and gold year

Novogratz places his bets on Bitcoin and gold

Michael Novogratz, CEO of Galaxy Digital, has recently released his investment types. In one of the interviews published by CNBC, he said, that his wallets are mostly filled with cryptocurrencies like Bitcoin. He added, that he continuously increases the amount of possessed crypto assets. In his opinion, currently Gold is as attractive investment as BTC is.

Novogratz says, that the world’s first cryptocurrency gained its popularity in connection with central banks and governments actions, taken to alleviate the tragic outcomes of Coronavirus pandemic. Citing that US President, Donald Trump, is considering another stimulus package, he said “money does not grow on trees” and added:

We have a global money-printing orgy ongoing. Hard assets are going to be a big guys, gold and Bitcoin are two of my favourites.

However, Novogratz admitted, that he is still investing in shares. He explained his recent investment in Starbucks shares, as the price decreased due to the limited number of customers. People will start drinking coffee back, when it all comes returns where it was before pandemic started. Nevertheless, he repeated, that he is more optimistic when it comes to gold and Bitcoin anyway.

bitcoin and gold laying on the ground

2020 as a Bitcoin Year

When Bitcoin price roughly decreased in the early March, Novogratz said, that Bitcoin will become unstable for few upcoming months. Even though, 2020 could become a Bitcoin Year.

Because of central banks and governments are increasing stimulation packages, and the world is on the edge of global recession, it is hard to imagine better circumstances for virtual asset like Bitcoin.

One of the most known Bitcoin enthusiasts is expecting for Bitcoin to reach its maximums at 20 000 USD by the end of this year. It is worth mentioning, that he did forecasts in 2019, saying that Bitcoin can reach 40 000 USD, but it did not come out true.

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