- Mike Novogratz, founder and CEO of Galaxy Digital, emphasizes Bitcoin and Ethereum as the leading investment options on a risk-adjusted basis over the next two to three years.
- Despite the volatility of cryptocurrencies, Novogratz considers Bitcoin a more favorable bet than JPMorgan stock when adjusted for volatility.
Mike Novogratz, the influential founder and CEO of Galaxy Digital, recently underscored the investment potential of Bitcoin and Ethereum over traditional financial instruments, such as JPMorgan stock, during a CNBC interview. Despite recent volatility, Novogratz asserts these two cryptocurrencies as the premier financial assets on a risk-adjusted basis for the coming two to three years.
In a direct quote, Novogratz stated,
“At a risk-adjusted base, Bitcoin and Ethereum are the two best assets to invest in over two years, three years, six months.”
Novogratz pointed out that Bitcoin’s volatility has significantly decreased over the past few months. Nevertheless, he suggested that individuals should allocate a smaller portion of their portfolios to Bitcoin compared to traditional stocks such as JPMorgan, considering the inherent risks in the crypto market. He strongly backs Bitcoin as a superior investment, particularly when its volatility is factored into the equation.
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Novogratz is known for his unwavering bullish outlook on Bitcoin. He’s made various optimistic predictions about this premier digital asset, including a projected rise to $500K in 2024. Despite the recent crypto market downturn triggered by the FTX collapse and the Federal Reserve’s efforts to curtail rising inflation, Novogratz remains optimistic, expressing satisfaction if Bitcoin ends the year around the $30K mark.
In the light of the impending economic downturn predicted by Novogratz back in April, he believes Bitcoin presents an ideal alternative to the existing fiat system, particularly with the Fed’s aggressive tightening measures and the Silicon Valley Bank’s collapse.
It’s important to acknowledge the substantial gains Bitcoin and Ethereum have made this year. Year-to-Date (YTD), Bitcoin has seen a rise of 62.8% while Ethereum increased by 55.8%. As of writing this piece, Bitcoin and Ethereum are trading at around $26,915 and $1,863, respectively. Despite a somewhat stagnant market, Bitcoin’s 24-hour trading volume is currently at $9.8 billion, with Ethereum following at $5.96 billion.
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