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Bitcoin is like 'digital gold' and won't be used the same as a traditional currency in at least 5 years, billionaire investor Mike Novogratz says


Bitcoin is a store of value similar to digital gold and is unlikely to be used as a traditional currency for the next five years, former Goldman Sachs partner and hedge fund manager Mike Novogratz told Bloomberg.
Bitcoin Bull expects the price of digital currency to continue to rise as more people invest in the idea of ​​adding it to their portfolios.
He expects several banks and credit card companies to catch up with PayPal's recent decision to allow customers to trade in cryptocurrencies.
“This is no longer a debate about whether there is a cryptocurrency, whether bitcoin is an asset, whether the blockchain will be part of the financial infrastructure,” Novogratz said. "It's not 'if' but 'when', so every company should have a plan now."
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Bitcoin is similar to “digital gold” and will not be used in the same way as traditional currency for at least the next five years, billionaire investor Mike Novogratz told Bloomberg on Friday.
“I don't think Bitcoin will be used as a transactional currency in the next five years,” Bitcoin Bull said in an interview with Bloomberg TV and Radio. "Bitcoin is being used as a store of value."
Bitcoin is still a relatively small asset class mostly preferred by millennial investors who are not yet as powerful in the financial markets as older generations, who generally choose physical gold as a store of value.
Novogratz, who has long advocated widespread adoption of digital currencies, believes that while Bitcoin may see further growth potential, it won't be used for daily transactions anytime soon.


 

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