One of the earliest investors in bitcoin and former hedge fund billionaire, Michael Novogratz, is predicting a bitcoin price of $50,000 by next year. According to him, bitcoin will eventually “eclipse gold.”
During an interview with Raoul Pal, chief executive of Real Vision, Novogratz explained that a price of $50,000 is just 10% of the market cap of gold. He went further that once the digital asset can reach $50,000 its price will rise even higher.
I know once we get to 10% of gold, we are like, why is it only 10% gold. Why is it not 25% of gold? Then it is going to eclipse gold at one point.
Novogratz is not the only one seeing a future in the digital asset. A handful of institutional investors are rushing bitcoin. From PayPal to Square, MicroStrategy, MassMutual, and a host of others, these big-money players have forced the price of Bitcoin to new highs in the last few weeks.
Despite his $50k prediction, Novogratz does not see bitcoin outperforming gold overnight. He says, “I guarantee it is not going to happen in a year.”