Galaxy Digital Holdings Ltd (Pink: BRPHF) CEO Mike Novogratz thinks the recent surge in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: BTC) is being driven by new participants getting involved with crypto and increasing enthusiasm for the space.
The total market cap of crypto as a percentage of global wealth is about 0.5%, he said Thursday on CNBC’s “Squawk Box,” adding he expects that number to “go much higher than 0.5% over the next few years.”
What’s Next For Crypto: A parabolic move for crypto may be just around the corner, according to the Galaxy Digital CEO.
“I literally see a scenario where we take out the highs in Bitcoin and we have one of these parabolic moves in all of crypto going into the fourth quarter,” Novogratz said.
He compared the anticipated move to horse racing. The horse that turns the corner first at the end seems to run the fastest.
Similarly, “the assets that are ahead in the fourth quarter usually have great finishes because everyone piles on and pushes the valuations higher and I see that happening right now.”
People will be surprised and wonder how Bitcoin reached $80,000 or $100,000 and how Ethereum made it to $5,000, he said. The crypto markets have been tested to the downside, but crypto continues to show its resilience.
“The market continues to hold, and it’s holding because there is new money coming in,” Novogratz said.
There was $17 billion of new venture capital that went into the crypto markets in the first half of the year, he noted: “It’s just a tremendous inflow of both talent and money.”
BTC, ETH Price Action: At time of publication, Bitcoin was down 0.34% at $54,179 over a 24-hour period and Ethereum was up 0.89% at $3,600 over a 24-hour period.
Photo: QuoteInspector.com from Flickr.
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