The founder of the Galaxy Digital crypto bank, Mike Novogratz, said in a comment to Squawk Box that the volatility of the first cryptocurrency is lower than that of other digital assets.
“I do think volatility certainly in #bitcoin is coming down, ”says @Novogratz… “As institutions come in we are seeing less volatility and I think that is a good thing. I don’t think bitcoin becomes a transactional currency. I think it is tailor made to be stored value. ” pic.twitter.com/7VkU0xkBn6
– Squawk Box (@SquawkCNBC) December 23, 2021
“I really think bitcoin volatility is decreasing. As the institutions come in, we see less volatility, and I think that’s a good thing. I don’t think Bitcoin will become a transactional currency. It is designed to preserve value, ”he said.
Novogratz also called the first cryptocurrency digital gold and fiat inflation hedge.
He previously stated that 75% of altcoins will not survive until the next decade. According to Novogratz, bitcoin will fundamentally change the financial system.
Recall that in November, the founder of SkyBridge Capital Anthony Scaramucci predicted a rise in the price of the first cryptocurrency to $500,000.