The Factor That Could Trigger Bitcoin Mass Adoption Is Addressed By Mike Novogratz

It’s been just revealed that billionaire Mike Novogratz is addressing the factor that could trigger mass adoption for Bitcoin. Check out what more he had to say about the king coin and the crypto market in general.

It’s been just reported that Galaxy Digital CEO Mike Novogratz is unveiling what he believes will spur the global adoption of Bitcoin (BTC).

Novogratz says in a CNBC interview that Bitcoin is unsuited to be a currency unlike other crypto assets such as Ethereum (ETH). It’s important to note the fact that this is already serving as a medium of exchange.

“I don’t think it [Bitcoin] will be a currency. I think it will be a store of value. Ethereum is already trading like a currency, right. It’s the currency of culture. When people buy NFTs [non-fungible tokens), they say ‘How many ETH does it cost?’”

He also made sure to say that the high inflation and depreciating currencies will aid in the adoption of Bitcoin.

“People are opting into the Bitcoin community. There are literally more people that own Bitcoin than live in Russia. It’s the eighth-largest country in the world by participants. They freely opted in and said ‘We believe in this ethos of this community,’ which is a hard money way to store our wealth. And I think that will gain momentum as trust continues to break down.”

He continued and explained the following:

“Listen, if [Federal Reserve Chair] Jerome Powell and [U.S. Treasury Secretary] Janet Yellen can get our economy back to 2% inflation and have our debt come back, because growth is so high, and we go from 140 debt-to-GDP ratio to 70, Americans won’t have to buy Bitcoin.”

He highlighted that people from Russia should not have all their money in ruble.