Crypto Bull Mike Novogratz Favors Gold over Bitcoin

Billionaire investor and long-time crypto bull Mike Novogratz recently advised global investors to hold more gold than Bitcoin. Last month, he advised investors to watch out for Bitcoin and gold.

Is he no longer bullish on Bitcoin?

Mike Novogratz is one of the most well-known hedge fund managers in the US who was at the helm of Fortress Investment Group for several years. He has been a vocal Bitcoin bull as well. Now he is leading Galaxy Digital Holdings. In 2017, he even told the world that he holds about 20% of his net worth in Bitcoin and Ethereum. He has made correct price predictions about Bitcoin in the past. In 2017, he forecasted that a bear market is upcoming.

He has been talking about Bitcoin once again. On June 1, he tweeted that investors should “watch gold vs Bitcoin.” He noted that if the charts break higher, then Bitcoin will get a boost. However, in an interview with CNBC’s Fast Money on July 8, he told investors that they should hold more gold than Bitcoin. The price of Bitcoin remained steady in the $9k range during this time.

What does Novogratz think?

He said that Bitcoin outperforms gold but people should hold more gold because of the volatility related to digital currencies. He added,

“Bitcoin is still hard to buy. If it was easier to buy, it would be a lot higher. And there are more and more people making it easier to buy: funds being set up, custodies being done, at one point we’ll get an ETF.”

Gold prices have been going up recently. The price of one ounce of .999 fine gold recently hit $1,800. On July 9, the price moved up by 13% to reach $1,811 per ounce. One of the staunchest supporters of gold, Peter Schiff, said on Thursday that people are not paying enough attention to gold and its price rise. He went on to say that this is the most unloved bull market in gold that he has ever seen. He pointed out that the price of the yellow metal has increased by more than 70% since 2015.