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Thursday, June 30, 2022

Two Veteran Investors Say Buy Bitcoin, Not Gold

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Michael Novogratz a veteran Wall Street fund manager and Dave Portnoy founder of a media empirei, said investors should buy Bitcoin not Gold n an appearance on Bloomberg Television.

Novogratz — founder of Galaxy Digital Holdings Ltd. — said that although he sees gold climbing above its record highs, Bitcoin is still the more worthy investment because it’s “harder to buy” than the traditional haven.

He said about 25 percent of his net worth is tied up in the cryptocurrency.

“It’s only got a $20 billion market cap, while gold is over $10 trillion,” Novogratz said of Bitcoin. “So it’s got a long way to go to catch gold in terms of just adoption.”

He recommends beginners put only 1-2% of their money into the digital currency.

Portnoy for his part suggested he has bought $1 million worth of Bitcoin.

Bitcoin, the largest cryptocurrency, has been on a tear in 2020. After sliding below $4,000, it’s rallied and is around $11,800.

 

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