Bitcoin Dominance Nears 70% as it Gets Dubbed “Safe Haven” by Investors

The shaky global economic situation owing to the US-China trade wars and recession fears seem to have catapulted Bitcoin to a position of nearly 70% market dominance. The cryptocurrency has shown marked growth over the last 30 days. According to the data available on CoinMarketCap, Bitcoin’s dominance on July 9 was nearly 64.7%, and its price stood at $12,667. Today, Bitcoin shows a market dominance of 69.4% despite a decline in the price. 
Max Keiser’s prediction coming true?
On August 6, Bitcoin maximalist and former Wall Street trader Max Keiser had tweeted that Bitcoin’s dominance was heading to 80%, and that the 2014-2017 era of altcoins and hard forks was dead.
Source: Twitter
At press time, Bitcoin’s market dominance stands at 69.4% with a market cap of $211,343,748,987 out of the total market cap of $305,805,167,819. Leading altcoins – Ethereum, XRP, Bitcoin Cash and Litecoin have market cap of $23,217,398,613, $12,991,065,920, $5,911,224,218 and $5,581,637,936 respectively. 
It is to be noted that Ethereum has a strong community in the cryptocurrency space and several cryptocurrency supporters have predicted that Ethereum will overtake Bitcoin in the future. Mike Novogratz, a well-known Bitcoin proponent, announced at the Ethereal Summit in May 2019 that Ethereum is “way ahead” of Bitcoin and is likely to replace Bitcoin as the most valuable network in the future. However, Ethereum, the second-biggest cryptocurrency after Bitcoin, has a market cap that makes only 8% of the total at the time of writing this article. 
Given the way the market is behaving, could Max Keiser’s predictions about Bitcoin come true?
Bitcoin’s Status as a “Safe Haven” in Prevailing Economic Conditions
The prevailing economic situation, where the US and China are at loggerheads and traditional stocks are showing dismal performance, is creating FUD among investors. US Treasury Secretary Larry Summers recently said that the world may well be experiencing the most dangerous financial moment since the 2009 economic crisis. 
Nomura strategist Masanari Takada echoed similar sentiments stating the next spike in volatility “could be Lehman-like.”
Given the fear of economic turmoil and recession, it is not surprising to see investors flocking to “safe haven” assets including bitcoin.
According to CNN, 
“Trade war and recession fears have caused nervous investors to seek refuge by piling into gold, government bonds and even bitcoin.”
The Chief Marketing Officer of Rhythm Technologies, Chris Reinertsen, also recently declared Bitcoin to be a safe haven asset. According to Reinertsen, 
“There is a flight of capital to safe-haven assets across the board, which now includes Bitcoin. Throughout the last few years, we have been seeing the trend of Bitcoin increasingly becoming fundamentally correlated to more macro moves as increased economic uncertainty in the world increases.”
Affirming Bitcoin’s new status, Morgan Creek Digital’s Anthony “Pomp” Pompliano, on CNBC’s Squawk Box said that Bitcoin is a “non-correlated asymmetric asset” and having no exposure to the asset class was irresponsible for financial institutions. 
Bitcoin was invented in 2009 in the wake of the economic crisis that witnessed the collapse of several major financial institutions, and the world is at the cusp of a similar economic situation again. Bitcoin, in its 10 years of existence, has shown a high degree of volatility and governments around the world continue to shun it. However, its non-correlated nature with gold, stock markets or fiat currencies is what makes it so attractive to many investors in the current market. Bitcoin’s positive performance in a worsening economic climate may push the asset into the league of mainstream assets along with the likes of gold and government bonds. 
Do you think that Bitcoin is a “safe-haven” asset? Share your opinion with us. 
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Source: CoinGape

Mike Novogratz Speaks on G7 Plans Ahead of Libra and Bitcoin Price Analysis

Reportedly, G7 leaders held a meeting recently in which they decided to impose a universal tax of digital activities. French Minister of the Economy and Finance Bruno Le Maire told the media,
“We hope between now and the end of August — the G7 heads of state meeting in Biarritz — will reach an agreement,”
Nevertheless, the US under Donald Trump is opposing the system, as they want to establish independence. This can be largely attributed to the fact that Facebook, the Social Media giant that came up with Libra is actually based in the US.
It is no secret that if the cryptocurrency plans go through Facebook stands to increase it’s revenue considerably. Mike Novogratz, an angel investor said in an interview,
If you’re the Federal Reserve of the treasury and Bitcoin was being used as a currency… starting to eat away the dollar. You’d be really nervous. That’s why I think they are more focused on Libra that Bitcoin…. Bitcoin’s got a long way to go…”
According to him, Bitcoin is not a threat to gold yet because of its comparatively low market capitalization. However, Libra is a greater threat because of its a direct challenge to the treasury.
Bitcoin [BTC] Price Analysis
The analysis that Mike Novogratz presented before us when Bitcoin touched a high around $14,000 on 26th June 2019 was simple. While some most traders were looking for another massive move in either direction, Mike Novogratz noted on 27th June,
I wish I sold a lot yesterday, I think we’re gonna be in a range between $10,000 and $14000.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Indeed, his prediction has been accurate for the past month. What’s more striking is how sentimental analysis is ruling over the TA at the moment. When Joe Kerner asked him if he felt Bitcoin would fall below $6000. Mike Novogratz, who holds a larger percentage of Bitcoin than gold noted,
I don’t think so. I think if it goes below $8,500 I’ll get nervous. If it goes below $6,000 I’ll get real nervous,
Moreover, the 8,500 predictions seemed to have stemmed from the Bitcoin gap analysis on the Futures market at CME. Richard Heart has been backing the analysis for a long time. Moreover, an update to it, he tweeted,
The $8500 gap fill might not happen. In a bull market you don’t get too much time to buy the dip. I think dip period time may have expired. Price is $10,000 #Bitcoin
While the timelines on the bullish target were not proposed, a bullish stance was largely maintained.
Do you agree with their analysis? Please share your views with us. 
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Source: CoinGape

Bitcoin Price Will Reach $20,000 Before the Year Ends, Believes Mike Novogratz

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Bitcoin Price Will Reach $20,000 Before the Year Ends, Believes Mike Novogratz
Billionaire Bitcoin bull, Mike Novogratz, has predicted that Bitcoin price will hit $20,00 before the year ends. He said this during a Bloomberg interview where he also touched on Facebook’s Libra.
Bitcoin Price Will Reach $20,000 Before the Year Ends, Believes Mike Novogratz

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Source: CoinSpeaker

Bitcoin Gives Hard Time to This Billionaire, Sells Of Bitcoin And Then FOMO Sets In…

Popular billionaire & crypto investor Mike Novogratz was taken by surprise after bitcoin price became rapidly bearish on Thursday leaving the cryptocurrency trading at a price 10% lower than the previous day. According to Mike, that was a condition where he wished to have taken advantage.
In a price movement that could be described as a short-lived, featuring Bitcoin’s most rapid bullish movement in last 6 months, the cryptocurrency surged up to about $14,000 indicating a significant 22% increase in just a few days.
At the time of the interview, bitcoin’s price hit a tremendous stumbling block and had made a U-turn for the bottom, a situation in which bitcoin price was around $11,000 per unit, creating fear and uncertainty in many.
Source: Bloomberg
Mike, the chief executive officer (CEO) of Galaxy Digital Holdings Ltd. during an interview with CNBC on Thursday, admitted having sold off a part of his bitcoin holdings totaling about $10,000. However, he hoped he had sold more by the time where we saw bitcoin falling in price so drastically.
In Mike’s words,
“If you were perfect, you’d have sold a whole bunch yesterday,” he said in an interview with CNBC on Thursday. “When you go parabolic you have to.”
Mike has expressed regret for his action and now wishes to buy back at least his $10,000 bitcoin.
Also Read: Bitcoin’s Fourth Parabolic Rise in a Decade, Analysts See Low Liquidity and High Volatility
Mike is one of the respected crypto analysts who pride themselves in an accurate cryptocurrency price prediction and analysis.
Last month, Mike had predicted Bitcoin price would move between $7,000 and $10,000 but added that excitement and FOMO could carry it higher. His prognostication proved too conservative: the coin’s price reached as high as $13,852 this week. He updated his prediction in the interview, saying it may trade between $10,000 and $14,000.
“It was a frenzy,” said Novogratz in the interview.
Are you also caught up in FOMO like Mike, let us know your sentiments in comments.
The post Bitcoin Gives Hard Time to This Billionaire, Sells Of Bitcoin And Then FOMO Sets In… appeared first on Coingape.
Source: CoinGape

Mike Novogratz Wishes He Had Sold Lot More Bitcoin on Wednesday

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Mike Novogratz Wishes He Had Sold Lot More Bitcoin on Wednesday
A billionaire Mike Novogratz predicted that Bitcoin’s (BTC) price will stabilize between $10,000 and $14,000. He also confirmed he sold some BTC and that he regrets he didn’t sell more. Now some are blaming him for the price fall.
Mike Novogratz Wishes He Had Sold Lot More Bitcoin on Wednesday

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Source: CoinSpeaker

EOS Releases Its Open Source iOS Wallet App and Chrome Extensions

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EOS Releases Its Open Source iOS Wallet App and Chrome Extensions
The release of EOS open source iOS wallet app will allow developers to provide support for “inter-application transaction signing on native mobile devices”.
EOS Releases Its Open Source iOS Wallet App and Chrome Extensions

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Source: CoinSpeaker

EOS Gains Over 15% As Block.one Build Anticipation for #B1June Annoncement

EOS broke $8, gaining over 15% in the past 24 hours. The price of EOS at 4: 00 Hours UTC on 28th May 2019 is $7.9.
The market capitalization of the entire cryptocurrency market rose by around 10% on Monday 27th May 2019, but have retained the gains after that. However, EOS has gained higher than most coins. It also beats Litecoin [LTC] to attain 6th rank by total Mcap.
EOS/USD 1-Day Chart on Binance (TradingView)
The cryptocurrency reportedly retained its first rank in the Chinese cryptocurrency rankings released every month by the Center for Information and Industry Development (CCID) since May 2018. The Chinese Public Agency, CCID, assess the cryptocurrencies based on their application, underlying technology, and innovation. EOS was the leading platforms for Dapps according to their assessment.
‘Big Announcement’: #B1June; All Kept a Secret
The rise can also be attributed to the apprehensions of the ‘big announcement’ that Block.one is expected to deliver on 1st June. #B1June is a favorite caption among EOS proponents. While the details of the announcement are kept a complete secret, Mike Novogratz, cryptocurrency investor, and analyst had also mentioned it in his talk with CNBC Squawk box, he said,
“EOS has a big announcement in June. My guess on that announcement, people get excited, the coin goes higher.”
However, he also mentioned that the Dapps space could take about two to five years to develop. Nevertheless, some of these cryptocurrencies have a “real chance” of being recognized as currencies as well.
Block.One Has Purchased RAM Worth $25 Million on EOS
Reportedly, Block.one has purchased RAM space worth $25 million on the EOS blockchain. They spent their reserve balance of EOS to spend 3,300,000 EOS on it. Moreover, a cryptocurrency user, Rob Finch, also noted in a tweet that the RAM space is not bought to increase space for more users, it will surely be used to build something else. He tweeted,
“NOTE: once RAM is purchased, it cannot be used to create new accounts. The RAM for a new account is purchased at the time of account creation.”
In the recent episode of Everything EOS, where Zack talked about the use of the enormous RAM space that Block.one bought in EOS. It could include support for side chains or a new layer on EOS.
Moreover, he also said that,
“It could be used to provide some sort of scaling solution on Bitcoin..”
Another firm is also expected to co-announce things together with Block.one, which was confirmed by Dan as a “Yes” to the presence of other firms taking the stage. Dan Larimer, the founder of Block.one said in a discussion,
“We are spending on blockchain based social media outside of EOS VC… More code coming in May.”
What according to you will be the primary subject of the announcement? Please share your views with us. 
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Source: CoinGape

Fund Manager Discusses Three Factors that Will Trigger Next Bitcoin Rally

The bitcoin price has slipped by almost 5.5 percent from its yearly high at $8,388 and could be in for a massive downside correction. But that has not deterred a prominent fund manager from projecting a bullish case for the world’s largest cryptocurrency.
Brian Kelly, the founder of BKCM, LLC, a New York-based digital currency investment firm, said in an interview that bitcoin is ready for another breakout action owing to three three core fundamentals: institutional adoption, retail anticipation, and supply cut. He explained that people were bullish because big financial firms are entering the bitcoin market, retail-level trading applications are looking to be rolled out, and the Bitcoin protocol was about a year away from cutting bitcoin supply in half.

After a more than 50% rally in the last month, Bitcoin is stuck at $8,000. Here's what @BKBrianKelly says could drive it higher. pic.twitter.com/Smxy7v2Pgw
— CNBC's Fast Money (@CNBCFastMoney) May 21, 2019

Factor 1: Fidelity and Wall Street
Bitcoin’s jump above the psychological level of $6,000 took place on May 9, almost over a week after Fidelity Investments announced that it would offer a bitcoin trading service to its institutional clients. The Boston-based asset management firm, which had $2.6 trillion worth of assets under management as of March 2018, expects to pump bitcoin’s demand among the so-called Wall Street investors.
Incidentally, a similar anecdote helped bitcoin sustain its price above $6,000. Garry Tan, a prominent seed investor, said in October 2018 that big investors assumed $6,000-level as an opportunity to purchase bitcoin cheaper. He cited David Swensen and Yale’s Warren Buffet, who had invested an undisclosed sum into two crypto-funds.

Galaxy Digital’s billionaire CEO, Mike Novogratz, called $6,000 the bitcoin-bottom in September 2018, again citing institutions’ interest in purchasing the cryptocurrency around the level.
“I think institutions are moving towards investing. It’s shocking how much has happened,” said Mr. Novogratz.
But bitcoin broke below $6,000 in November 2018 and stayed there until May 9. Mr. Kelly believed that the move above the level is prompting people to revisit the 2018’s institutions-pumping-bitcoin narratives.
“You are starting to get that long-waited-for institutional adoption,” said Mr. Kelly. “Fidelity is rolling out institutional custody – they are getting customers from the mainstream and people are buying the institutional [narrative].”
Factor 2: TD Ameritrade and Retail Investors
TD Ameritrade, one of the significant US-based electronic trading platforms, invested an undisclosed sum in ErisX, an upcoming cryptocurrency spot and futures contracts exchange. The announcement followed a TD’s anticipation of launching a bitcoin trading service for retail-based investors, which, as Mr. Kelly noted, was also one of the significant factors behind the ongoing bitcoin price boom. He said:
“We softened TD Ameritrade and they invested. They will now start offering Bitcoin trading to their retail customers over the coming months – perhaps, three to four months.”
Factor 3: The Bitcoin Halving Event
The supply rate of bitcoin will reduce by half in May 2020, according to the cryptocurrency’s underlying protocol that reduces the bitcoin mining reward by 50 percent in every four years. Historical evidence shows that the bitcoin price has always surged following a “halving event.” The first supply cut, which took place in November 2012, pushed the BTC/USD rate from $11 to above $1,000. The next halving in 2016 saw the price later establishing an all-time high towards $20,000.
Bitcoin and Its History of Halving | Source: Reddit
Mr. Kelly called the next halving a “big picture” for bitcoin bulls. The analyst expected that the price would rally before the next bitcoin supply cut, and would continue its uptrend even after it.
“So you got this competition of a lot of demand coming in, and we’re heading into a period where the supply will cut,” he said. “That is generally very bullish.”
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Mike Novogratz: Facebook’s GlobalCoin Won’t Rival Bitcoin

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Mike Novogratz: Facebook’s GlobalCoin Won’t Rival Bitcoin
Galaxy Digital CEO Mike Novogratz recently talked about the current state of the crypto industry. Novogratz explained why the crypto winter is finally thawing and why‘Facebook’s ‘GlobalCoin’ won’t rival Bitcoin.
Mike Novogratz: Facebook’s GlobalCoin Won’t Rival Bitcoin

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Source: CoinSpeaker

Bitcoin is ‘Digital Gold’, A Fact Now Echoing Across the Financial Investment Industry

Bitcoin’s massive gain this year has again brought the innovative asset in the purview of mainstream media. The news of Bitcoin’s price breaking $8000 with more than 100% gains has had many financial experts weighing in on it.
Moreover, Bitcoin is not an entirely unregulated asset as it was in 2017, Bitcoin Futures contracts are being actively traded on CME and other Exchanges all around the world. Reportedly, the daily volume of trading on Bitcoin Futures on CME is above $1 billion.
Mike Novogratz, a Bitcoin perma-bull reiterated the ‘digital gold’ case for Bitcoin in a recent CNBC interview. He said,
“Bitcoin has really won store of value ‘digital gold.’ Gold has an $8.5 trillion market cap. Bitcoin has about $130 billion… got a long room to go.”
Bitcoin’s Total Market Capitalization This Year (Coin360)
Bitcoin’s correlation with other cryptocurrencies might be the only thing that adds burden to its price, currently. The total dominance of Bitcoin over the cryptocurrency markets is around 60%. Mike also emphasized on the growing credibility of Bitcoin in the FinTech industry. Microsoft recently announced an identity tool on the Bitcoin blockchain which established the authority of Bitcoin over other cryptocurrencies.  He said,
“Microsoft and Facebook are One of the biggest companies in the world ‘credentializing’ Bitcoin.” He added, “I think when you look back at 2017. One of the problems was everything was else was trying to bitcoin… Instead of 21 million bitcoins, we had a zillion of them. And that’s how the price collapsed… Bitcoin has become a social construct.”
Furthermore, currently, Bitcoin is at around 40% of its all-time high, and it’s market dominance it approximately 60%. If the momentum continues, Bitcoin could soon be looking at a healthy dominance which will open space for successful projects to grow and prosper.
Meltem Demirors, Founder at Coinshares and an analyst, also reiterated the same fact in a separate interview with CNBC fast money. According to her, Microsoft building a product on it and other institutional platforms entering the space are all positive signals for Bitcoin. She pointed out that,
“This years’ narrative is Bitcoin, Bitcoin, and Bitcoin. Its the largest crypto by market cap. Its the asset people know best, and most importantly, Bitcoin has the most secure network.”
She also listed all her reasons which build a strong positive case for Bitcoin in this Twitter thread. Tom Lee, the Co-Founder at Funstrat Global, also emphasized on the same facts in another update from the CNBC futures market. He said,
“Bitcoin’s been rising pretty steadily that that recently looked parabolic. We’ve got the largest crypto-conference in NewYork this week. This year we’re seeing it bringing quality because we don’t have much scams and ICOs… Bitcoin is the epic digital gold.”
Also Read: Bitcoin Intrinsic Value Debate: Anthony ‘Pomp’ Vs Shark Tank’s Kevin O’Leary
Tom Lee also suggested that Bitcoin could soon retest its all-time high near $20,000. Apart from these more popularly known crypto-traders, Oz Pearlman also bet big on Bitcoin saying it could reach $12000 by January next year.
Do you think as well that Bitcoin is a better replacement for gold or it is just hype? Please share your views with us. 
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Source: CoinGape

Bitcoin Price Hits 5-Month High, Next Target at $6,000?

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Bitcoin Price Hits 5-Month High, Next Target at $6,000?
Bitcoin price has spiked and pulled the entire crypto market up with it prompting analysts and proponents to suggest that it will test the $6,000 level in the next few weeks.
Bitcoin Price Hits 5-Month High, Next Target at $6,000?

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Source: CoinSpeaker

Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’

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Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’
Litecoin retreats from the high close to $100 and gets stuck in a range. Sell Litecoin and buy Bitcoin, says Galaxy digital founder and CEO Mike Novogratz.
Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’

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Source: CoinSpeaker

Litecoin [LTC] is a glorified testnet for Bitcoin; sell LTC and buy BTC, says Mike Novogratz

Litecoin [LTC], the Vegeta to Bitcoin’s Goku and the silver to Bitcoin’s gold, has been making headlines with news pertaining to its adoption, price, and upgrades. The fourth-largest cryptocurrency has been going north since the past two months, with the coin smashing some key resistances. Additionally, the silver coin gained momentum during the bull run that took place earlier this week, resulting in the coin breaching the $90 mark, while Bitcoin crossed the $5000 mark.
However, the coin’s surge was questioned by one of the well-known influencers in the space, Mike Novogratz. According to CoinMarketCap, at press time, the coin had taken the second position in terms of the biggest gainer in the past 24 hours, with a hike of over 6 percent. The cryptocurrency was trading at $86.87 with a market cap of $5.27 billion and a significant rise of over 40 percent in the past seven days.
The Founder of Galaxy Digital also prompted the community to sell their Litecoin holdings and buy Bitcoin. He tweeted,
“Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don’t get this rally. Sell $ltc buy $btc”
Twitter user, Jon Moore, responded to Novogratz,
“Like most rich out of touch Billionaires you have No clue about the use case for payments. LTC is much cheaper to send, 4 times faster than BTC and is also compatible with Lightning Network. People actually use LTC dude!!”
Apart from this, some in the community have also pointed out upgrades such as MimbleWimble and the upcoming halving, whereas others stated that Litecoin’s transaction cost and speed were better than the digital gold, Bitcoin.

@naval, another Twitter user, said,
“Your general point stands. IMHO the gap exists because $LTC represents the scenario in which $BTC was the correct design, but a one-time flaw or external action takes down $BTC and leaves $LTC as the heir to the Shelling Point. Gold and Silver don’t really have that dynamic.”
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Source: AMB Crypto

Bitcoin Price Chart Shows How Surpassing Gold’s Market Cap Is “Easily” Feasible

Bitcoin, to many, is the digital equivalent of gold – one of the world’s first ever currencies, means of exchange, and stores of value. According to crypto bull Mike Novogratz, one day, Bitcoin’s market cap will surpass that of gold’s.
After the lofty prediction was made, crypto analysts took to Bitcoin price charts hoping to outline the trajectory that could take the first-ever crypto to a market cap of over $7.5 trillion. One crypto analyst, using Bitcoin’s long-term logarithmic growth chart, shows how BTC reaching such a feat is entirely “feasible.”
Mike Novogratz: Bitcoin Market Cap Will “Easily” Surpass Gold
This week, Galaxy Digital CEO and founder Mike Novogratz joined Morgan Creek’s Anthony “Pomp” Pompliano on the Off The Chain podcast he hosts. There, the outspoken crypto bull suggested that Bitcoin could “easily” reach a similar market cap as gold’s $7.5 trillion cap over the course of the next 20 years.
Related Reading | Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?
Novogratz added that it would require BTC to “100x” from today’s prices of approximately $3,950, but clarified that crypto investors shouldn’t expect it get there “in the next year or two.” It’s a long-term goal for Bitcoin’s market cap, according to Novogratz.
Bitcoin Price Chart Shows Growth Trajectory to $7.5 Trillion Market Cap
Following Novogratz and his highly-publicized podcast remarks, crypto Twitter began digging into how Bitcoin price might eventually reach the heights discussed by the Galaxy Digital CEO.
Prominent crypto analyst Dave the Wave, known for his analysis of longer-term Bitcoin price charts and trend changes, shared a 50-year chart of BTC’s market cap using the logarithmic growth rate to highlight its path to $7.5 trillion.

Yes, according to the curve…. pic.twitter.com/TxyzgMQ4tt
— dave the wave (@davthewave) March 25, 2019

Considering the chart’s growth trajectory, Bitcoin can be expected to peak some time around the year 2045, and from there it will begin to stabilize. At that point, it will become a more realistic store of value and currency due to volatility  essentially disappearing from the asset.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
At such an astronomical market cap, the price per BTC would be near $360,000 each assuming all BTC is mined by the time the target is reached in 2045. Despite such a seemingly unrealistic number, the $7.5 trillion market cap of BTC would only represent a mere under 2.5% of the entire global wealth, which is currently at $317 trillion according to The Credit Suisse Research Institute’s Global Wealth Report.
If Bitcoin were to absorb much of the world’s transactional value by becoming the global currency for the internet as many believe it may, BTC may eventually reach the potentially “millions” in value that most cryptocurrency investors expect it to. It just won’t happen for another 25 or more years.
Featured image from Shutterstock
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Bitcoin [BTC]: Mike Novogratz says people should bow down to Satoshi Nakamoto and thank him

Bitcoin advocate and billionaire Mike Novogratz was in the news again after he said that people should bow down to Bitcoin’s creator, Satoshi Nakamoto, and thank him for the world’s largest cryptocurrency. A leading voice in the crypto ecosystem, Novogratz appeared in an exclusive video with the founder of Morgan Creek Digital, Anthony Pompliano.
Novogratz is of the opinion that all kinds of funds, be it crypto or hedge, should own some amount of Bitcoin. He also called the digital asset “sovereign money”. Talking about BTC’s fundamental technology, the blockchain, he added that Bitcoin, originally a social experiment, had become “sovereign money” and held a market cap of $71.80 billion.
Novogratz also drew parallels with gold, a store of value. Novogratz claimed,
“Bitcoin provides a really interesting alternative to gold.”
He was previously in the news when he claimed Bitcoin will eventually become the digital gold, at the MENA summit 2019.
Bitcoin’s prices rose to breach the $4,000 mark recently, following the recent market surge led by the market’s altcoins. There is architecture in place to facilitate adoption and accessibility, the billionaire said, predicting that over a period of twenty years, Bitcoin was going to be “in the game.”
Novogratz also serves as a member of the Investment Advisory Committee on Financial Markets, at the Federal Reserve Bank of New York. While talking about his first tryst with Bitcoin as a member of the committee, Novogratz said that the committee viewed cryptocurrency more as a payment system than a currency. However, many in the Federal Reserve did love the idea of blockchain technology as a store of value, he said.
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Source: AMB Crypto