Mike Novogratz, a long time Bitcoin (BTC) bull, sat down with Morgan Creeks Anthony "Pomp" Pompliano for the famous Off The Chain podcast. Reports indicate that Novogratz, a Wall Streeter, was declining crypto proponent, allegedly claiming that while BTC is still valued at 1% of the gold's value of $ 7 to $ 8 trillion, the crypt will eventually.
He claimed that this is a journey that can occur over a 20 year period, rather than a one or two year period. While such a timeframe may turn them off with low-time preference, the former Goldman Sachs partner noted that this could "easily happen". It probably was also EOS & Brendan Blumer to draw attention to this specific period and explained in a recent tweet that Bitcoin will make a move on the gold's de facto-go-to-great valuation within the next two decades.
At least it is interesting, not the first time Novogratz has spied this thought process. He once said that if the cryptocurrency market was the periodic table, BTC would be the only one with an atomic number of 79, just like gold only is gold.
Bitcoin to Exceed Fiat?
Although Bitcoin has been proven to have better properties than gold, giving it a precedent for becoming a value store, the pressing issue remains of the asset's ability to overcome published currencies. Some argue that this is nonsensical, noting scalability, minimal adoption and other shortcomings.
However, minds like Tim Draper and John McAfee have been a little more angry. In a recent Youtube interview with a crypto content creator, the aforementioned venture capitalist claimed that fiat currencies are "poor" and cite their controllability, lack of transparency and subjectivity for political and social whims of daily life.
And as the US investor claims that most of the brightest developers, engineers and graduates work on digital assets ̵
"My belief is that the crypto rates over a period of time will darken the fiat currencies. It would be a 1,000 times higher than what we have now."
Draper is not the only one using this thought process . Anti-establishment figure Max Keizer has once told Bitcoinist that the flagship cryptocurrency is much like a monetary black hole, and will "gobble up all fiat" over time as the ongoing (in Keizer's eyes) financial crisis continues to destroy society.  But will these high dreams really come true? To be honest, it seems a little hard to believe when the market is depressed.
Photo by Clem Onojeghuo on Unsplash