Novogratz: “BTC Will Reach $8 Trillion Gold Valuation Despite Its Current 1% Value”

A new show hosted by Morgan Creek’s Anthony “Pomp” Pompliano and Mike Novogratz is in the recent cryptocurrency news. The Off The Chain podcast features an interview in which Novogratz, a Wall Street guru turned into crypto proponent, stated that while Bitcoin (BTC) is still valued of 1% of gold’s $7 to $8 trillion valuation – the crypto will reach this mark eventually.

Novogratz also argued that this is a journey that could occur over a 20-year period too – instead of a one or two year period. Even though such a time frame may turn off the people with low time preference, the former Goldman Sachs partner Novogratz noted that this could “easily happen.”

Anyhow, this is not the first time Novogratz touted his thought process. Once, he stated that if the crypto market was the periodic table, BTC would be the only one with an atomic number of 79 – much like how only gold is gold.

Other Bitcoin evangelists such as Tim Draper and John McAfee share the same beliefs but not to that extent. For example, Draper has argued that fiat currencies are “poor” and cited their controllability, lack of transparency and subjectivity to political and social influence.

As he elaborated:

“Most of the brightest developers, engineers, and academics are working on digital assets. My belief is that over some period of time, the cryptocurrencies will eclipse the fiat currencies. That would be a 1,000 times higher than what we have now.
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”

Draper is not the only one that touts this thought process. The anti-establishment figure Max Keiser once spoke to Bitcoinist and told the portal that Bitcoin is much like a monetary black hole – and that it will “gobble up all fiat” over time as the financial crisis continues to wreak havoc on our society.

In the end, all of this falls to water in the midst of a market depression.