Bitcoin and gold will likely to continue to grow as long as the government's "liquidity pump" remains in place, Galaxy Digital Founder and CEO, Mike Novogratz, told CNBC.
The founder of the most known crypto bank on the market assures there is still a lot of retail interest in bitcoin (EXANTE: Bitcoin), which is why the biggest cryptocurrency by market capitalization will likely hit all-time-high by the end of 2020.
"A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun ... Yesterday you saw a lot of money shift back over to gold and bitcoin," Novogratz said.
The Galaxy Digital CEO also pointed out bitcoin is outperforming gold at least in terms of long-term perspectives despite the volatility.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
Although bitcoin still has a high entry threshold for big players, this limitation gives an opportunity for investors — who are willing to take risks — to earn large amounts of money.
"Gold has been around for 3,000 years. It's pretty easy to buy. There's an adoption game in bitcoin that you don't have in gold. But I like them both," he added.
Over the last few days, bitcoin managed to show once again it is still able to surprise hodlers. The largest cryptocurrency grew more than 11% up to $11 172 and at press time is trading at $10 971.
In March, Mike Novogratz said that 2020 is the exact year when BTC should come back to its record highs or the bitcoin billionaire "might hang" his spurs.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.