Galaxy Digital chief executive Mike Novogratz says Bitcoin market capitalization will close Tesla’s by June 2021.
Head of the digital asset management company he took to Twitter to explain why he thinks Bitcoin’s market cap will grow much faster than Tesla in the coming months.
“BTC will have a larger market cap than TSLA within 6 months.
Both are ‘religions’ although TSLA has so much risk around Elon Musk while BTC is owned by a huge decentralized community that grows daily. It’s a risk management bet. Full disclosure I own 2 TSLAs. “
At the time of writing, Bitcoin’s market cap is up $ 428 billion while Tesla’s cap is $ 616 billion.
In a recent interview with Real Vision, Novogratz says that Bitcoin and Tesla are part of a large-scale bull market driven by low rates and rising growth.
“I was talking to one of – I won’t name names, but literally one of the top five legends in the investment world this morning. I said, I’m worried about Airbnb up 120% on day one, snowflake at 100 times revenue and I was talking to another friend and it went from being worth $ 2 billion to $ 8 billion… and it scares me ‘ great.
I understand that we’re going to keep rates low forever, and growth is rising. I love raw, I’m long raw. You can be long copper. We’re going to have a big growth startup early next year, and then in the second quarter, it’s going to explode. There is a macro reason to be long. His view was he said, listen, it’s scary. It makes no sense. You have to decide, am I going to ride it or not?
Then no regrets if you decide you are not going to ride it, as we are riding this frenzy bubble of this new routine that we are in when you print more money than we have ever seen before. What drives Bitcoin is the return of Tesla and snowflakes and all enterprises. ”
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Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. You are advised that your transfers and trades are at your own risk, and that any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is the Daily Hodl an investment adviser. Note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock / Surapol USanakul