Mike Novogratz, CEO and founder of Galaxy, has provided that Bitcoin, the leading cryptocurrency, will surpass gold by market capitalization in the next five to eight years.
Earlier this week, Bitcoin’s market capitalization reached 14% of that of gold, marking a new all-time high.
The leading cryptocurrency hit a new all-time high of $107,822 on Monday, ahead of the US Federal Reserve’s long-awaited rate cut expected to be announced on Wednesday.
Gold and Bitcoin are currently valued at $17.8 trillion and $2.13 trillion, respectively.
Notably, the market capitalization of the flagship cryptocurrency has now exceeded two-thirds of the value of all gold held by central banks ($3.13 trillion).
As reported by U.TodayJerome Powell, chairman of the US Federal Reserve, recently stated that Bitcoin was a “digital version” of gold and rejected the idea that it competes with the US dollar.
Outperforming gold ETFs
According to Vetle Lunde of K33 Research, US-based Bitcoin exchange-traded funds (ETFs) surpassed Gold ETF by assets under management earlier this week ($129.25 billion and $128.88 billion, respectively).
Last month, iShares Bitcoin ETF (IBIT) surpassed iShares Gold ETF (IAU), which was launched in 2005, in terms of assets.
As U.Today reported, SkyBrige Capital founder Anthony Scaramucci recently opined that Bitcoin prices were held back by the SEC’s persistent refusal to approve a Bitcoin ETF. The agency relented only after asset management company Grayscale won a legal victory against it.
