Again, one of the many prominent supporters of the largest cryptocurrency, Mike Novogratz, recently restated his preference for Bitcoin investment over Gold. This time, Novogratz went on to recommend having a smaller percentage of the cryptocurrency in one’s portfolio than the yellow metal.
Have less Bitcoin than Gold
The CEO of Galaxy Digital, an investment management company, recommended setting out a lesser percentage of one’s portfolio for Bitcoin investment than for Gold. Novogratz stated this during his most recent appearance at CNBC’s Fast Money. He noted precisely:
My sense is that Bitcoin way outperforms it, but I would tell people to have way less Bitcoin than gold just because of the volatility.
In line with his strong support for Bitcoin investment, Novogratz opined that there is more height for Bitcoin to reach, given that the cryptocurrency is still on its infant stage to adoption. Hence, it will continue to outperform Gold. Besides, people still find it challenging to purchase the cryptocurrency.
The Bitcoin supporter explained that some people still find it difficult to buy Bitcoin, which is somewhat affecting the price growth of cryptocurrency. However, as more on-ramps launch into the market, many investors will gain easy access to begin their Bitcoin investments.
There are more and more people working on making it easier to buy. Funds being set up, custody being done. At one point, we will get an ETF.
Bitcoin and Gold are considered one of the highly discussed assets, with Novogratz now showing interest in both. On the year-to-date chart, the cryptocurrency outperformed Gold, on a percentage of 32.5. Gold has reportedly gained 19.7 percent so far.