Bitcoin’s Market Cap Will Exceed Tesla’s Within Six Months, Says Galaxy Digital CEO

1 year ago 161

Galaxy Digital chief executive Mike Novogratz says Bitcoin’s market capitalization will eclipse Tesla’s by June 2021.

The head of the digital asset management firm took to Twitter to explain why he believes Bitcoin’s market cap will grow much faster than Tesla’s in the coming months.

“BTC will have a larger market cap than TSLA within 6 months.

Both are ‘religions’ though TSLA has so much risk around Elon Musk while BTC is owned and run by a giant decentralized community who is growing every day. It’s a risk management bet. Full disclosure I own 2 TSLAs.”

At time of writing, Bitcoin’s market cap is above $428 billion while Tesla’s stands at $616 billion.

In a recent interview with Real Vision, Novogratz says both Bitcoin and Tesla are part of a wide-scale bull market driven by low rates and rising growth.

“I was talking to one of – I will not name names, but one of the literally the top five legends in the investing world this morning. I said, I am worried about Airbnb up 120% on day one, Snowflake at 100 times revenue and I was talking to another friend and he went from being worth $2 billion to $8 billion… and it really worries me.

I understand we are going to keep rates low forever, and growth is picking up. I love crude, I am long crude. You can be long copper. We are going to have a big growth surprise early next year, and then in the second quarter, it is going to explode. There is a macro reason to be long. His view was he said, listen, it is scary. It makes no sense. You have to decide, am I going to ride it or not?

Then no regrets if you decide you are not going to ride it, like we are riding this frenzy bubble of this new regime that we are in when you are printing more money than we have ever seen before. What is driving Bitcoin is driving Tesla and Snowflake and every venture back.”

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