• Mike Novogratz predicts that Bitcoin’s market cap will surpass that of gold in a few years

  • During an appearance on October 7, Galaxy Digital CEO Mike Novogratz predicted that Bitcoin’s market cap would soon surpass that of gold:

    I believe it will continue to be adopted, and it will consume an increasing portion of gold’s market capitalization. It is currently around 12% of gold. I believe it will reach 100 percent in a few years.

    According to ULTCOIN365, the market capitalization of the bellwether cryptocurrency reclaimed the $1 trillion mark on October 6.

    In terms of Ethereum, the cryptocurrency mogul claims that the second-largest cryptocurrency will have to compete with the likes of Solana, Algorand, and other cryptocurrencies in the technology space.

    Invesco, an American investment management firm, announced the launch of two cryptocurrency-themed exchange-traded funds (ETFs) in collaboration with Novogratz’s Galaxy Digital earlier today. They track the stocks of companies whose primary source of revenue is crypto and blockchain-related businesses.

    Novogratz is also confident that the Securities and Exchange Commission of the United States will approve Bitcoin and Ethereum ETFs, but he declined to speculate on when this will happen:

    I believe we will finally break free and have a U.S. ETF in both Bitcoin and Ethereum. I’m not sure when it will be. I really wish I had a silver ball.

    In mid-August, Galaxy Digital filed for a Bitcoin futures ETF. In April, it also filed a prospectus for a physically-backed Bitcoin ETF.

    Bloomberg’s senior ETF strategist, Eric Balchunas, believes that a futures-based Bitcoin ETF registered under the Investment Company Act of 1940 could be approved as early as October.

    According to some analysts, the massive buying on CME Group on Oct. 7 could indicate that traders are anticipating a forthcoming approval.

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