Bitcoin and Eternal Struggle of Market Value with Gold
Today, at some point of his appearance on CNBC, “Galaxy Digital” CEO Mike Novogratz estimated that the market fee of Bitcoin would exceed that of gold within a few years, as he stated:
I suppose Bitcoin will proceed to be adopted, and it will require more and extra market capitalization which it can take away from gold.
Currently, Bitcoin's market cap represents about 12% of gold.
I think it will attain one hundred percent in a few years.
As we indicated in previous articles on Arab Bitcoin, the market value of the leading cryptocurrency “Bitcoin” regained the trillion dollar mark yesterday, October 6.
As for Ethereum, Novogratz says the 2d largest cryptocurrency will have to compete with the likes of Solana, Algorand and different cryptocurrencies that are phase of the identical niche.
Earlier today, the US funding management business enterprise “Invesco” introduced the launch of two exchange-traded dollars (ETF) in partnership with “Galaxy Digital”.
ETFs song stocks of organizations that derive their revenue exceptionally from cryptocurrency and blockchain related businesses.
Novogratz is also sure that the SEC will approve both the Bitcoin and Ethereum ETF, but he declined to make precise predictions about when that will come to be a reality, commenting about it with the aid of saying:
I assume we will eventually come out of the modern-day situation and have a US ETF representing both Bitcoin and Ethereum.
Notably, Novogratz, represented through Galaxy Digital, had in the past utilized for a Bitcoin futures ETF in mid-August.
Prior to that, it additionally submitted a request for approval to issue a bitcoin ETF in April.
