TL;DR Breakdown:
- Mike Novogratz says many companies in America will eventually add Bitcoin to their balance sheet.
- He also thinks that the price of the cryptocurrency will double in value as more firms will hold BTC.
The founder and CEO of Galaxy Digital, Mike Novogratz, is among the many crypto industry players that believe Tesla’s move to Bitcoin (BTC), the largest cryptocurrency, would be an eye-opener for other companies to buy BTC. The electric car company allocated $1.5 billion of its cash reserve to the cryptocurrency. Novogratz is optimistic that many other companies in the United States will follow suit.
Mike Novogratz foresees Bitcoin doubling in price
At the time of writing, Bitcoin was trading at $46,495 on Coinmarketcap, with a market valuation of over $865 billion. The cryptocurrency is more likely to double in value as the herds gradually arrive, the Galaxy Digital CEO told Bloomberg Television. “You’re seeing the herd here, and it’s coming,” Mike Novogratz said, adding that every company in the United States will eventually hold Bitcoin. “It doesn’t have to be a lot. It’s the messaging that matters.”
Mike Novogratz applauded Elon Musk’s decision to listen to the people, saying he is a genius. “Now you got the biggest, the wealthiest man in the world and one of the biggest stories doing it. […] You’ve got to think other CFOs and CEOs are saying, what should we be doing?”
What company is next?
Mike Novogratz and other prominent industry players are pretty much confident that more companies will follow Tesla, with Apple being at the top list. RBC Capital Markets thinks that the tech giant will be the next big company to add Bitcoin to its Balance sheet. They also think that Apple will debut their own digital currency exchange and wallet.
