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“The amount of growth that we’re going to see in the crypto-space is staggering,” says billionaire and famous Bitcoin bull Mike Novogratz. We’ve only just begun.” This is a very telling comment, particularly in light of Coinbase’s most recent growth. But what exactly does it mean?
“Right now, total crypto-wealth is roughly worth $2 trillion, so that’s one-half of 1% of all wealth. If you don’t think in the next two to three years that can be 2% to 3%, you’re not paying attention to the trends.”
One thing to keep in mind here: one-half of one percent of all wealth. This is supported by a Credit Suisse study published in October, which stated that global wealth is expected to be worth $400 trillion.
Novogratz, a former Goldman Sachs macrotrader and fund manager at Fortress Investment Group, has been a long-time supporter of Bitcoin. Galaxy Digital, a crypto-focused financial technology firm, recently applied with the Securities and Exchange Commission for a Bitcoin ETF.
Regarding Coinbase’s blockbuster market launch, Novogratz said that he was unconcerned with how shares of Coinbase traded at its Nasdaq debut since the company opened at $381 a share, relative to the comparison point of $250. In reality, in the aforementioned interview, the executive drew a very fascinating parallel to Netscape.
“Let’s not miss the big picture: This is like the Netscape moment for the cryptocurrency economy. Remember, Netscape in 1995 — four years before we had this crazy frenzy — basically signaled the beginning of the internet age.”
According to Novogratz,
“This is a really important day for the whole crypto world. This is saying, this is an asset class and it’s an asset class that’s here to stay, and so, listen, it’s somewhat irrelevant where Coinbase trades today.”