Galaxy Digital CEO Mike Novogratz believes that the next Bitcoin (BTC) bull run should be a lot different from the crypto’s historical highs in terms of story and interest.
Compared to previous bulls, bitcoin’s next rally should be more focused on utility and less on story, Novogratz predicted during a panel at the Token2049 crypto event on September 28.
The CEO said that Bitcoin’s bull run in 2017, one of the biggest historical rallies, was mostly about the story, referring to the cryptocurrency trading from around $1,000 to $20,000 in one year.
According to Novogratz, the 2017 bull run was primarily about the story of people who distrust the government and want more privacy and decentralization. “It was the Generation Z revolution, the millennium revolution, and it was global. The CEO noted that this is a powerful story.
Novogratz said that bitcoin hit an all-time high above $69,000 in November 2021, another major rally that “actually resulted” from the COVID-19 pandemic. He noted that price action in 2020 and 2021 “may have been a story of 80% and 20% interest,” referring to the case for increased use of digitization facilities amid the pandemic.
Mike Novogratz and Haslinda Amin from Bloomberg at Token2049. Source: Cointelegraph
“Ethereum and all other levels are really starting to accelerate the work of building a common blockchain that we can build businesses on top of,” Novogratz stated.
In contrast to the aforementioned crypto rally, the next Bitcoin rally should be a “50% story, 50% interest,” Novogratz predicted, noting the following:
“People building apps, people building systems a) fast and scalable, and b) easy to use. We don’t have it yet — that’s why we’re where we are. But they’re coming in the next few years.”
During the session, Novogratz also excited the audience with his bullish predictions about the “inevitability” of cryptocurrency success.
“The word ‘inevitable’ keeps coming up. There is a sense of inevitability that we are in the right place, and there is no escaping that Bitcoin will have its day,” Novogratz stated. He also expressed confidence that Web3 and non-fungible codes will be a huge part of the gaming space in the future.
Related: Bitcoin Analyst Describing 2018 Bottom Warns ‘Bad Winter’ May See $10K BTC
In addition, the CEO noted that despite the ongoing crypto winter, Bitcoin is still doing better than a basket of different fiat currencies this year. “If you look at bitcoin against a basket of currencies, you will find that it is about 20% better than the dollar,” Novogratz noted.
As previously reported by Cointelegraph, Novogratz has made some successful predictions about Bitcoin. Back in 2020, Novogratz predicted that Bitcoin would end the year above $20,000, which turned out to be an understatement, with the price of Bitcoin approaching $30,000 by the end of 2020.
Additional reporting by Andrew Fenton.