- Galaxy Digital Founder, Mike Novogratz recently revealed on Twitter that he loves gold, only not as much as Bitcoin.
- Bank of America recently mentioned said that if all the gold of the world placed side by side, it would only measure 21 meters on every side.
- Mike Novogratz in reference to Bofa Findings revealed his favorite assets.
The CEO of crypto investment bank Galaxy Digital, Mike Novogratz recently revealed on Twitter that he loves gold, only not as much as Bitcoin. The tweet portrayed subtle banter as he claimed that Bank of America had stolen his words, which said that if all the gold of the world placed side by side, it would only measure 21 meters on every side. BofA originally stated this fact through its yearly edition on the Gold industry, published by Zero Hedge.
— Michael Novogratz (@novogratz) June 26, 2020
To add perspective, Bitcoin has a limited circulation of only 21 million. Bitcoin is a cryptocurrency that is considered as digital gold by many of its users.
More facts mentioned by Bank of America on Gold included details of its origin as well as physical features. Also, it claimed that there are approximately 10 billion tons of gold in the ocean, maybe more.
Performance of Gold in 2020
Gold has had a noticeable development in value, despite the sell-off in March. It is speculated to reach its highest rate of $1920, reached in 2011, September as it is up 17% at the moment. Novogratz mentioned Gold to be his preferred assets, only not more than Bitcoin.
Bitcoin Performance in 2020
He is quite sure that Bitcoin could move past $20,000 by the end of 2020 as it is up by 53% this year. This figure shows that it has certainly performed much better than Gold. It seems sensible to speculate positively for an asset as it has more than doubled in growth. However, Gold is a favorite of most and has been so for a long time.
Cryptocurrencies are definitely increasing as an investment choice among citizens. The preferences of such personalities sway the opinion of citizens to a significant extent. If the Bitcoin continues to perform well, it could replace gold for the generations to come.