Now that Bitcoin short-term price action remains bullish, driven by US President Donald Trump’s vocal support for crypto, analysts ponder the following question: How will Bitcoin perform in five to 10 years?
For Galaxy Digital’s Mike Novogratz, using gold as a benchmark, Bitcoin can hit $800,000 in five to 10 years.
In a Bloomberg Television interview, Novogratz joins other analysts on their bullish take on the top digital asset. He added that Bitcoin will remain upward and trade at $800k in the next five to 10 years, approximating gold’s $16 trillion market value.
Bitcoin To Match Gold’s Market Cap: Analysts
Trump’s win is arguably one of the triggers for Bitcoin’s recent price action. A few days ago, Bitcoin edged out silver in the list of Top 10 assets in the market cap department. Today, the digital asset tops Saudi Aramco on the same list, with a valuation of $1.79 trillion. With the continuous climb in digital assets, many ask if they match gold’s market cap.
According to Novogratz, the shift in market interest among the new generation of consumers and traders is helping Bitcoin. He stated that today’s investors prefer Bitcoin, which is considered a digital store of value.
Aside from Novogratz, other market analysts and industry personalities use gold as Bitcoin’s benchmark. For example, Howard Lutnick and Anthony Scarammucci have also compared both assets, saying that Bitcoin will beat gold’s market cap soon.
Bitcoin To Trade In $500k Level If It Becomes Part Of US Reserve
The Galaxy Digital founder also predicts that Bitcoin’s price will hit $500k if the US government decides to integrate the digital asset as part of the Treasury. Novogratz made this bold projection based on the current bullish trend and potentially favorable policies for crypto.
Novogratz added that if the US decides to acquire up to 1 million BTC, then this will force other governments to invest as well, pushing the demand. In addition, Trump’s support for Bitcoin and crypto is also fueling the bullish run of the asset.
Novogratz Not Confident On Government’s Decision To Add BTC As Reserve Asset
Although Novogratz identifies a $500k target, he thinks the US Treasury will likely not add this asset. He predicts that there’s a considerable chance the bill may not pass the Senate’s approval, although the House gives its go-signal.
Novogratz remains bullish on Bitcoin and advises the US government to acquire more and double down on its campaign to promote digital assets. He added that the government doesn’t need to support the USD with other assets. In the same Bloomberg interview, he further shared that he’s heavily invested in Bitcoin and will welcome the possibility of the reserve bill getting approved.
Featured image from Pexels, chart from TradingView
Source: NewsBTC.com
