Every company in America will buy bitcoin (EXANTE: Bitcoin) after Elon Musk's company Tesla put $1.5 billion into the cryptocurrency, Michael Novogratz said in an interview with Bloomberg. The Bitcoin bull says the size of investments does not matter, but the messaging does.
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"It does not have to be a lot. It is the messaging that matters, you’re seeing the herd here, and it is coming," Novogratz said.
The head of Galaxy Digital, a diversified financial services firm, admits Elon Musk is a "genius" in his ability to listen to the people, especially millennials and Gen Z. Novogratz believes the young generation sees cryptocurrencies, including bitcoin, as its new currencies.
"Now you got the biggest, the wealthiest man in the world and one of the biggest stories doing it," Novogratz noted.
In July 2020, Novogratz said that bitcoin and gold would continue to grow as long as the government's "liquidity pump" remains in place. The founder of the most known crypto bank on the market assures there is still a lot of retail interest in BTC.
Earlier this year, Novogratz's Galaxy Digital even created a new division focused on Bitcoin mining to better understand the financial needs of the miners. According to the company, the Galaxy Digital Mining product line includes lending, investment and risk management tools. The Galaxy mining team is located in a data center in the United States.
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