Novogratz bitcoin will be the

novogratz bitcoin will be the

to the cryptocurrency market? In fact, some proponents like Digital Currency Groups Barry Silbert have argued that Bitcoin is 50 times more useful than gold. Sovereignty costs a lot, it should. He claimed that Bitcoin has been vested with a store of value status by investors, adding that utility tokens, blockchain-based security assets, and other subsets of cryptocurrencies wont ever come close to becoming digital gold.

Bitcoin, which has recently settled around the 3,400-3,600 mark, is grinding along its bottom, Novogratz argued, and easily has the potential to bitcoin 24h chart go higher. Table of Contents, former Wall Street hedge fund manager and popular Bitcoin proponent Mike Novogratz thinks that institutional money will start coming into the cryptocurrency market in the next 6 to 12 months as custody solutions are rolled out. Novogratz noted that critical infrastructure for institutional investors to become comfortable with crypto is gradually falling into place albeit temporarily slowed by the recent, united States government shutdown. Goldman Sachs partner even noted that Bitcoins slow block times and low transactional throughput just accentuate that it is like gold, likening storing the cryptocurrency to how precious metals are kept in Fort Knox. This was far from the end of Helds argument. Its Gold, Not Digital Cash, regardless, most, not just Novogratz, have come to the conclusion that the project in its current state is much better suited as a digital store of value than some semblance of a medium of exchange. It is not US money, it is not Chinese money, Bitcoin is sovereign which as a currency should cost a lot, He added that gold needs protecting citing Fort Knox as an example but this does not need to apply to all other cryptocurrencies. Novogratz stated that all the architecture that institutions need to feel comfortable investing in digital assets has already been put in place. Over the next twelve months he expected to see institutions start putting a small amount of their assets, which in itself is a lot of money, into crypto.