Galaxy Digital CEO: “I’m Most Comfortable Being Long Bitcoin Today”

• Michael Novogratz puts Bitcoin and gold in the same group.
• Strategist Wolfe Research reiterated his bullish view on Bitcoin.
• Bitcoin price is currently up 80% compared to the beginning of the year 2023.

Michael Novogratz, CEO of Galaxy Digital, says owning Bitcoin today is nowhere near as scary as it was about six months ago.

Novogratz shares his view on Bitcoin

Interest rates have continued to rise this year. FTX collapsed; The US Securities and Exchange Commission has hit hard on cryptocurrency pioneers.

However, Bitcoin has outperformed every other financial asset – so far up 80% year-to-date.

What proves this beyond any doubt, according to Novogratz, is that the world’s largest cryptocurrency is here to stay. On CNBC’s Squawk Box, he said:

Normalizing the budget deficit at 5.0%…is why bitcoin, gold and silver are trading so great. I put them all in the same bucket. Bitcoin just got an extra cycle of adoption.

Novogratz sees Bitcoin as digital gold

Novogratz is also motivated by his optimism from BlackRock Inc which recently submitted to the regulator for a Bitcoin Spot ETF that could boost institutional interest in the digital asset.

I am more comfortable being long Bitcoin today than I was six months ago. I like to think of bitcoin as digital gold as a store of value.

Meanwhile, Jacobi Asset Management is preparing to launch its own Bitcoin-focused exchange-traded fund in Europe by the end of this year.

Also on Thursday, Rob Ginsberg, a strategist at Wolfe Research, reiterated his bullish view on BTC. However, he agreed that the cryptocurrency will have to fight an uphill battle to regain its previous highs.