Galaxy Digital CEO: Increased Bitcoin adoption rate is a key factor in the rise

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Mike Novogratz, CEO of financial services company Galaxy Digital, recently expressed his consistent optimism about Bitcoin on the CNBC column “Squawk Box” morning show. In the short film, the host asked about the relationship between Novogratz Bitcoin (BTC) and gold. He pointed out that large investors seem to have started buying cryptocurrencies after selling gold assets, and the outflow of gold recently reached an all-time high.

Novogratz said on Tuesday morning, “I think it makes sense, but it’s not the real situation,” he pointed out. “The real situation is that a large number of different accounts use Bitcoin and cryptocurrencies,” he went on to mention , Guggenheim recently intends to invest US$500 million in Grayscale Bitcoin Trust.

Novogratz mentioned mainstream investors who invested in Bitcoin in 2020, including billionaire and hedge fund investor Paul Tudor Jones, and business intelligence company Microstrategy. He said, “It’s just a group of institutional investors who are changing their minds or realizing that they are now It’s time to buy Bitcoin, and Bitcoin has gained sufficient liquidity.”

“If Bitcoin were easy to buy, the price would be much higher,” Novogratz explained. “People can get exposure similar to exchange-traded funds through Grayscale Trust, which is a very interesting investment method.”

In contrast, gold enthusiast and Bitcoin skeptic Peter Schiff still opposes Bitcoin. Schiff wrote on Twitter on Tuesday: “CNBC’s over-reporting of Bitcoin puts financial journalism ethics at a new low point. Their constant publicity has legalized Bitcoin in the eyes of the audience. Many people will buy Bitcoin. But when the whales sell Bitcoin, they will only become CNBC’s scapegoats.”

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Schiff attacked the entire CNBC report on Twitter. Although he did not directly mention this part of the report, the timing of his comment seems to coincide with the morning show of “Squawk Box”, shortly after Novogratz participated in the show.

On Tuesday, Schiff wrote on Twitter: “Bitcoin advocates assure currency holders that once Bitcoin hits a new high, trend investors will rush to buy.”

“When whales dumped Bitcoin, let small investors buy it. Bitcoin hit a new high, but the reason was not the influx of new money, but the cashing of old money.”

A few days ago, the price of Bitcoin broke through the historical high of $19,892. Before it plummeted to more than $1,500, Bitcoin on Coinbase briefly soared to approximately $19,915.