According to Novogratz, Bitcoin and Ethereum are the two best assets to invest in over the next six months to three years.
Mike Novogratz, founder, and CEO of Galaxy Digital, is still bullish on Bitcoin and Ethereum despite the assets’ volatility in recent times. During an interview with CNBC today, Novogratz noted that on a risk-adjusted basis, Bitcoin and Ethereum (ETH) are the two best financial instruments to invest in over the next three years.
“At a risk-adjusted base, Bitcoin and Ethereum are the two best assets to invest in over two years, three years, six months,” said Novogratz.
"At a risk-adjusted bases #Bitcoin and #Etherium are the two best assets to invest in over 2 years, 3 years, 6 months," says @novogratz on #crypto. "Volatility-adjusted it's been a much better bet than $JPM." pic.twitter.com/MHGpFCmqtw
— Squawk Box (@SquawkCNBC) June 1, 2023
According to him, Bitcoin’s volatility has reduced significantly over the past few months. However, he advises people to invest less in Bitcoin than they would invest in JPMorgan stock.
Novogratz considers Bitcoin a much better bet than JPMorgan stock, especially when the crypto asset’s volatility is adjusted. The Bitcoin maximalist made this known after the CNBC host suggested the need for people to understand the risks associated with cryptocurrencies before delving into the emerging market.
Novogratz Remains Bullish on Bitcoin
The Galaxy Digital CEO is highly bullish on Bitcoin and has always made optimistic predictions for the top asset class. He once predicted that Bitcoin would surge to $500K in 2024.
Following the massive plunge of crypto prices due to the FTX collapse and the Federal Reserve’s efforts to mitigate rising inflation, Novogratz said he would be happy to see Bitcoin end the year around $30K.
In April, Novogratz predicted that the United States would soon face a dramatic economic downturn, which would help strengthen Bitcoin’s investment case.
He also asserted that the aggressive Fed’s tightening and the collapse of Silicon Valley Bank highlighted Bitcoin’s use case as the perfect alternative to the existing fiat system.
BTC & ETH Surge Prices YTD
It is worth noting that Bitcoin and Ethereum have recorded significant gains this year. Bitcoin and Ethereum are up 62.8% and 55.8% Year-to-Date (YTD), respectively.
At the time of writing, Bitcoin trades at around $26,915, while Ethereum is changing hands at $1,863. The market has been relatively dull for most traders. BTC has a 24-hour trading volume of $9.8 billion. In contrast, Ethereum’s 24-hour trading volume currently sits at $5.96 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
