SHOULD THEY BUY GOLD OR BITCOIN DURING THIS PERIOD?

SHOULD THEY BUY GOLD OR BITCOIN DURING THIS PERIOD?

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Michael Novogratz, who predicts bitcoin (BTC) to reach $ 20k by the end of 2020, is advising investors to own more gold than Bitcoin. 

Michael Novogratz, one of the world's largest Bitcoin bulls, is not advising investors to put most of their funds into Bitcoin.

Novogratz said it was still safer to buy more gold from Bitcoin because of the highly volatile nature of cryptocurrencies, although he was confident Bitcoin was outperforming gold.

NOVOGRATZ “BITCOIN STILL " EARLY IN ADOPTION CYCLE”

"I think Bitcoin is outperforming gold, but I would tell people to have more gold than Bitcoin because of volatility," Novogratz said on CNBC's Fast Money Program on July 8.

According to Novogratz, Bitcoin is still” early in the adoption cycle, " meaning it is still difficult to own BTC. However, with the mass adaptation of more companies around the world, the digital currency will gradually gain momentum, according to Novogratz.

Novogratz said; " it's still hard to buy Bitcoin. It would be much higher if it was easier to buy. And people's growing interest is making it increasingly easier to buy BTC. Funds are being created, at some point we will get the BTC ETF,” he said.

Novogratz, who runs Galaxy Digital, a large crypto venture capital firm, is known as one of the largest crypto and blockchain investors.

On the other hand, the price of gold in excess of $ 1800 an ounce hit a 9-year high. Rising gold prices may reflect new wave concern with an increase in COVID-19 cases.


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