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‘We’re just getting started’, billionaire ex-hedge fund manager says on crypto wealth growth

'We're just getting started', billionaire ex-hedge fund manager says on crypto wealth growth
Jordan
Major
4 months ago
2 mins read

Crypto investment firm Galaxy Digital CEO, ex-hedge fund manager, and billionaire Mike Novogratz has said wealth generated from the cryptocurrency sector will spike in the future, and current gains represent a starting point.

Speaking during CNBC’s Squawk Box show, Novogratz said the entry of more institutions into the crypto sector will be a catalyst for growth. He further acknowledges that the sector is still in the infancy stage. 

“The amount of growth that we’re going to see in our space is staggering. We’re just getting started and institutions are realizing this is an asset class,” Novogratz said.

His sentiments come after bitcoin attained a new all-time high of above $64,800 on April 13, 2021, while maintaining the above $1 trillion market cap

According to Novogratz, with a cumulative market capitalization of about $2 trillion, the cryptocurrency sector growth will soon account for a significant share of the global wealth. 

“Right now, total crypto wealth is roughly $2 trillion, so that’s one-half of 1% of all wealth. If you don’t think in the next two to three years that can be 2% to 3%, you’re not paying attention to the trends,” said Novogratz. 

Coinbase listing boasts bitcoin’s value

Bitcoin attained the new record price after cryptocurrency exchange Coinbase listed on Nasdaq. Coinbase shares debuted at $381, although Nasdaq had allocated a reference price of $250. 

Following the listing, Novogratz views it as an important milestone for the cryptocurrency sector. He notes that investors should not be concerned about Coinbase’s share price but consider what the move means for the crypto world. 

Novogratz, a bitcoin bull, has predicted that the asset might hit $100,000 by the end of the year. In three years, he projects the value to hit $500,000. 

Watch the video: Coinbase direct listing is the ‘Netscape moment’ of the crypto economy: Novogratz

Michael Novogratz, Galaxy Digital CEO and chairman, joined “Squawk Box” on Wednesday to discuss Coinbase going public.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.