Big bull investor of the global Bitcoin market, Mike Novogratz, advises that investing in gold is better than investing in Bitcoins. He says that though Bitcoin outperforms the valuable yellow metal in the market, it may be less lucrative because of the high volatility of the crypto market.
Mike Novogratz heads the Galaxy Digital Holdings group. He is the most successful and vocal hedge fund in the United States, who was leading the well-known Fortress Investment Group for many years. This Bitcoin bull and a billionaire investor is the most sought after advisor in the global crypto market. In 2017, Mike was reported to hold 20% of his total net worth in Ethereum and Bitcoins.
He has correctly predicted the price of Bitcoin trading in the past years. In 2017, he forecast the rise. Being a vocal Bitcoin bull, Mike keeps sharing his views on social platforms. On June 1, his tweet was to hold on to both Bitcoins and Gold. He said Bitcoins prices might reach a new high if the barrier breaks. On July 8, talking to CNBC’s First Money, Mike advised investors to keep more gold than Bitcoins. Bitcoin prices did not fluctuate during this period and steadied at $9000.
Mike says that Bitcoin has just started adapting to the situation. For reaching a peak, Bitcoin prices need to break a resistance that is more difficult to attain in the present scenario. Yet, Bitcoin will gradually gain more momentum in the market because more and more companies are initiating different methods to fetch the crowd towards the adoption of cryptocurrency or Bitcoin.
In the interview with CNBC’s First Money, Mike has said that Bitcoin is quite difficult to purchase. Bitcoin would be of the greater price if the purchasing-method were easier. There are various people who try to provide different methods to purchase Bitcoins. Some custodies and funds are also set up by some companies. Also, within some time, they will get an exchange-traded fund, which is like security. It comprises many securities such as trading commodities, cryptocurrencies, etc. that frequently trace an underlying record. These funds may invest in many industry sectors or manipulate several strategies.
Considering the upcoming changes in the method of holding Bitcoins, Novogratz advises prioritizing the precious metal instead of Bitcoin. He also asks the investors to consider the fact that gold prices are touching a 9-year high. On July 9, gold prices touched a peak price of $1800 since 2011, September. The rising price of gold is evidently because of the economic recession in the Covid-19 situation. Over the last 24 hours or so, the price of gold has increased by 0.1%, making it $1810 per ounce for trading.
According to one of the biggest advocates of gold, Peter Schiff, investors don’t pay enough attention to the price rise patterns of the precious metal. Speaking to news sources on Thursday, he said that gold is the most neglected bull market. He said that since 2015, the prices of gold had risen by 70%, but investors fail to pay attention to this market’s profitability.