According to Galaxy Digital CEO Mike Novogratz, the next Bitcoin bull run will be different than previous cryptocurrency rallies in terms both of utility and story.
Novogratz, a panelist at the Token2049 crypto event, predicted that the next Bitcoin rally would be less focused on the story than previous bull runs.
The Bitcoin bull run of 2017, one of the most historic rallies, was mainly about the story, said the CEO. He was referring to the cryptocurrency’s rise from $1,000 to $20,000 in a year.
Novogratz says that the bull run of 2017 was mainly about people distrusting the government and wanting more privacy. It was a Gen Z millennial revolution. It was also global. It’s a powerful story,” said the CEO.
Novogratz stated that another big rally saw Bitcoin hit all-time highs of $69,000 in November 2021. This was due to the COVID-19 pandemic. Novogratz suggested that the price action between 2020 and 2021 was “probably 80 percent of the story” and that 20% of utility was due to digitalization’s growing utility use in the midst of the pandemic.
Mike Novogratz, Bloomberg’s Haslinda Ain at Token2049 Source: Cointelegraph
Novogratz stated that “it’s theory” and that all levels of the blockchain were accelerating the work to create a shared platform on which companies could be built.
Contrary to the previously mentioned bull runs in cryptocurrency, Novogratz predicted that the next Bitcoin rally would be “50% story and 50% utility”.
“I see people building applications, systems that are fast and scalable, and that are user-friendly. They don’t exist yet. We are where we are because of that. They’ll be here in the next few decades.
Novogratz, a bullish predictor of crypto’s success, also energized the crowd during the panel.
“The word inevitability keeps popping up. Novogratz said that there is a sense that Bitcoin will eventually succeed in this space. Novogratz also stated his confidence in Web3 and other nonfungible tokens being a major part of the future gaming market.
Related: Bitcoin analyst calls 2018 bottom and warns of a ‘bad winter’. He may be able to see $10K BTC
The CEO also noted that Bitcoin performed better than any other fiat currencies despite the ongoing cryptocurrency crisis. Novogratz stated that Bitcoin has performed about 20% better compared to a basket currency than it has versus the dollar.
Cointelegraph reported that Novogratz made successful predictions about Bitcoin. Novogratz had predicted that Bitcoin would surpass $20,000 by 2020. This was a misinterpretation as Bitcoin has now surpassed $30,000 in price by 2020.
Andrew Fenton also reports.
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