The mass adoption of digital assets is exploding these days, and this is important considering that it’s one of the main goals that the crypto industry set.
There have been a lot of moves in this direction and things continue to go great.
It’s been just revealed that Galaxy Digital CEO Mike Novogratz thinks Bitcoin (BTC) is the new asset of choice for people who want to protect themselves from the effects of inflation.
Gold is reportedly a disappointment
In Galaxy Digital’s Q3 earnings call, he explained that gold’s recent track record has likely been a disappointment to investors.
“I think if you had asked gold bugs two years ago where the price of gold would be, given what’s happened in monetary and fiscal conditions around the world, they would have all answered far higher than here at $1,800.”
He continued and said this:
“What’s happened? There’s been a substitution of Bitcoin for gold. We’ve seen it directly [and] indirectly. You see it in the charts. I still think gold was probably an okay asset to own in this environment, but it’s just gotten crushed by Bitcoin…”
Novogratz also made sure to say that Bitcoin adoption will only continue to grow.
He also made sure to compare the rise of blockchain technology to how the digital camera transformed photography.
“If you think about any other shift when we went from analog to digital, how many people still use Kodak film? Bitcoin is just a better version of a store of value, and it’s being accepted at an accelerating pace…”
He also said that there are now over 200 million people around the world that are taking part in the Bitcoin ecosystem, and it continues to grow.
Regarding the price of BTC today, at the moment of writing this article, BTC is trading in the green and the king coin is priced above $56k.