Bitcoin To $800K? Galaxy Digital CEO Unveils Bold 5-10 Year Forecast

Christian Encila

6 months ago

2 mins read

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Now that Bitcoin short-term price action remains bullish, driven by US President Donald Trump’s vocal support for crypto, analysts ponder the following question: How will Bitcoin perform in five to 10 years?

For Galaxy Digital’s Mike Novogratz, using gold as a benchmark, Bitcoin can hit $800,000 in five to 10 years.

In a Bloomberg Television interview, Novogratz joins other analysts on their bullish take on the top digital asset. He added that Bitcoin will remain upward and trade at $800k in the next five to 10 years, approximating gold’s $16 trillion market value.

Bitcoin To Match Gold’s Market Cap: Analysts

Trump’s win is arguably one of the triggers for Bitcoin’s recent price action. A few days ago, Bitcoin edged out silver in the list of Top 10 assets in the market cap department. Today, the digital asset tops Saudi Aramco on the same list, with a valuation of $1.79 trillion. With the continuous climb in digital assets, many ask if they match gold’s market cap.

According to Novogratz, the shift in market interest among the new generation of consumers and traders is helping Bitcoin. He stated that today’s investors prefer Bitcoin, which is considered a digital store of value.

Aside from Novogratz, other market analysts and industry personalities use gold as Bitcoin’s benchmark. For example, Howard Lutnick and Anthony Scarammucci have also compared both assets, saying that Bitcoin will beat gold’s market cap soon.

Bitcoin price up in the last seven days. Source: Bitstamp

Bitcoin To Trade In $500k Level If It Becomes Part Of US Reserve

The Galaxy Digital founder also predicts that Bitcoin’s price will hit $500k if the US government decides to integrate the digital asset as part of the Treasury. Novogratz made this bold projection based on the current bullish trend and potentially favorable policies for crypto.

List of top assets by market valuation. Source: CompaniesMarketCap

Novogratz added that if the US decides to acquire up to 1 million BTC, then this will force other governments to invest as well, pushing the demand. In addition, Trump’s support for Bitcoin and crypto is also fueling the bullish run of the asset.

Total crypto market cap currently at $2.9 trillion. Chart: TradingView

Novogratz Not Confident On Government’s Decision To Add BTC As Reserve Asset

Although Novogratz identifies a $500k target, he thinks the US Treasury will likely not add this asset. He predicts that there’s a considerable chance the bill may not pass the Senate’s approval, although the House gives its go-signal.

Novogratz remains bullish on Bitcoin and advises the US government to acquire more and double down on its campaign to promote digital assets. He added that the government doesn’t need to support the USD with other assets. In the same Bloomberg interview, he further shared that he’s heavily invested in Bitcoin and will welcome the possibility of the reserve bill getting approved.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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