Founder and CEO of the Galaxy Digital crypto fund Mike Novogratz believes that over the next 10 years, bitcoin will rise in price by more than 10 times, and most other cryptocurrencies will disappear. He told about this in an interview with CNN.

► Subscribe to the telegram channel “Ministry of Finance”:
top financial news

Bitcoins are one of the most controversial assets in history. Ask a skeptic and he will tell you that this is a bubble that is about to burst. Ask a supporter and he will say that this bubble will expand forever.

Mike Novogratz is one of the world’s largest cryptocurrency proponents. In his interview, he urged investors to take a break from Bitcoin’s inherent price jump and look at the bigger picture.

“Bubbles and mania happen around things that fundamentally change the way we think. Decentralized systems will radically change finance, I am sure of that, ”he said.

See also: Over the weekend, the price of bitcoin crossed the $ 47,000 mark. Ethereum – above $ 3200


According to Novogratz, when it comes to bitcoin mania, most focus on the technology side. But the investor believes that the cryptocurrency is tied to the new identity of the investor, who is looking at more than just profitability. Betting on bitcoins means believing in a radical change in the monetary system.

Most altcoins won’t survive

Bitcoin has risen 45% YTD and 300% over the past 12 months, according to CoinDesk. Novogratz expects the price of the first cryptocurrency to rise to over $ 500,000 over the next 10 years.

But while Bitcoin remains the largest and most popular cryptocurrency, there are thousands of other tokens, so-called altcoins, that have a much smaller capitalization.

“I bet 75% of cryptocurrencies won’t survive,” Novogratz said.

See also: IMF called for increased regulation of cryptocurrency. Its growth creates a number of problems

Do not bend with adjustment

While the cryptosphere is filled with investors and opportunities, there is one black cloud hanging over it: regulation. So far, however, it is not clear who exactly should look after cryptocurrencies, because there is still no agreement to consider them as currencies or assets.

Novogratz acknowledged that some regulation would be beneficial, but he stressed that it is very important for the industry to maintain freedom in order to ensure innovation.

Source