Key facts:
By its level of adoption, bitcoin is now a state of 140 million people, according to Novogratz.
The CEO of Galaxy Investment said that we are in a bear market of confidence in the dollar.
Galaxy Investment Partners CEO Mike Novogratz said today that bitcoin (BTC) should be a human right so that people can store the fruits of their labor. The executive’s words resonated at the Miami Beach Convention Center in Florida, where the Bitcoin Conference 2022 is being held, one of the most important events in the cryptocurrency industry.
Novogratz overflowed with enthusiasm along with the popular influencer Anthony Pompliano, on the opening day of the eventwhen the executive presented an overview of the impact bitcoin is having on humanity. From his point of view, the level of adoption of the crypto asset is reaching a turning point, which is understandable because now institutions, hedge funds, and more and more people in the world are acquiring it.
I look at Russia or Turkey where there was a horrible administration of the financial economy and the use of bitcoin goes up. It’s true, you know, people want to have that gift from God that should be a human right to store the fruit of labor. Bitcoin is a really interesting way to store what you earn from your work.
Mike Novogratz with Anthony Pompliano at Bitcoin Conference 2022
For the founder of the cryptocurrency bank Galaxy Digital, bitcoin is now a state of 140 million people. In this way he referred to the number of users in the world who have some bitcoin in their possession. For him, at this time it can be said that the ecosystem has an economy that positions it as the eighth largest country on the planet. “And it will continue to grow without anyone forcing them to use it,” he added.
When Pompliano asked him, what is the narrative that is currently imposed in the bitcoin environment? Novogratz did not hesitate to reply that long-term storage is the order in the world’s eighth-strongest economy. This is very different from the message that prevails in the rest of the planet, where no one will keep dollars in cash under the mattress or deposit 10,000 million dollars in a bank account, the panelist said.
It was from Bitcoin that the collapse in confidence began to emerge. Thanks to bitcoin people now say I don’t trust authority, I don’t trust the bank, I don’t trust the government. And since bitcoin has been with us we have been in a bear market of confidence. To find out, just surf the Internet and watch cable news. The dollar is no longer a risk-free asset and is no longer trusted by the public
Mike Novogratz with Anthony Pompliano at Bitcoin Conference 2022
However, Novogratz warns that the narrative of the community, which revolves around bitcoin, is not that the pioneering cryptocurrency is going to replace the dollarr, neither is the message to use BTC to buy some fancy shoes. “In reality what is being talked about is taking a part of the wealth that each person has to preserve it and store it with an asset that is still correlated with NASDAQ (the second largest market and stock exchange in the United States)” he explained.
If bitcoin goes up, it means that the other economies have collapsed
Novogratz revealed that he prays a lot for the US economy to remain stable. “I really pray that the dollar stays strong and bitcoin doesn’t go to infinity, because if we see cryptocurrency skyrocket to infinity, it will mean that the rest of the Western world has really collapsed and we lose social order,” he added.
For that reason, he believes that the price of bitcoin can scale up to a million dollarsbut if it crosses that barrier, it will be the signal for the world to understand that Western financial stability will already be gone.
As reported by CriptoNoticias, two years ago Novogratz recommended all market participants to invest in bitcoin, at least between 2% and 3% of the assets that the person or entity owns and see the results in five years.
Galaxy Digital, the cryptocurrency bank founded by Novogratz, is in the tenth position among the entities with more bitcoins stored. Today, the firm has 4,000 BTC, roughly $175 billion.