Galaxy Digital founder and Bitcoin billionaire Mike Novogratz remains bullish on cryptocurrencies despite the recent decline. He told CNBC in recent statements that some are even better than JPMorgan stock.
“Bitcoin and this coin are way better than JPMorgan stock,” says Mike Novogratz
According to the CEO of Galaxy Digital, Bitcoin and Ethereum are the best options to invest in the next six months to three years. Novogratz remains bullish on the pair’s recent depreciation.
In an interview with CNBC yesterday, Novogratz stated that on a risk-adjusted basis, the pair are the two best financial instruments to invest in for the long term.
"At a risk-adjusted bases #Bitcoin and #Etherium are the two best assets to invest in over 2 years, 3 years, 6 months," says @novogratz on #crypto. "Volatility-adjusted it's been a much better bet than $JPM." pic.twitter.com/MHGpFCmqtw
— Squawk Box (@SquawkCNBC) June 1, 2023
According to Novogratz, Bitcoin’s volatility has decreased significantly over the past few months. However, he still advises people to invest less in Bitcoin than they would in JPMorgan stocks.
Galaxy Digital founder says Bitcoin would be a much better bet than JPMorgan stock in the right circumstances. However, he stated that investors who will step into the cryptocurrency market should understand the risks. cryptocoin.comAs we reported, Novogratz was previously a Terra (LUNA) supporter and bet that he would exceed $100.
Manager remains bullish on Bitcoin
Galaxy Digital CEO made very optimistic predictions about Bitcoin. He once predicted that Bitcoin would rise to $500,000 in 2024. After the massive drop in crypto prices due to the FTX collapse and the Fed’s efforts to curb rising inflation, Novogratz said he would be happy if Bitcoin ends the year around $30,000.
In April, Novogratz predicted that the US would soon face a dramatic economic downturn that would help strengthen Bitcoin’s investment situation. He also claimed that the aggressive Fed tightening and the collapse of Silicon Valley Bank highlighted the use case of Bitcoin as an excellent alternative to the current fiat system.
2023 performance of BTC and ETH
It is worth noting that BTC and Ethereum recorded significant gains this year. Bitcoin and Ethereum gained 62.8% and 55.8% YTD, respectively. Bitcoin is currently trading at around $27,130.
Meanwhile, Ethereum is changing hands at $1,890. The market has been relatively boring for most traders in recent weeks. BTC’s 24-hour trading volume is $13 billion. In contrast, Ethereum’s 24-hour trading volume is currently at $6 billion.
Meanwhile, according to Glassnode, Bitcoin has outpaced other cryptocurrencies in the past three months. The leading crypto recorded 14.5% growth in this time frame. Thus, Crude Oil surpassed Gold and Silver. In the same period, the price of Crude Oil decreased by 4%. On the other hand, good news came from the bullion market. This was because precious metals such as Gold and Silver rose by 7.5% and 12.7%, respectively.
