The former Goldman Sachs partner Mike Novogratz is in the crypto news today, after praising the most dominant cryptocurrency Bitcoin once again and saying that BTC occupies a unique place in the cryptocurrency landscape. He was a guest at Bloomberg TV in an interview when he made these remarks.

According to the founder of the crypto merchant bank Galaxy Digital, Bitcoin has a major function as store of value and for that, will become digital gold. As Novogratz said:

“There’s 118 elements on the periodic table, and only one gold […] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”

Even though Novogratz did not provide a rationale for Bitcoin’s popularity, he proposed that while blockchain in principle offers a nice system for secure exchange of value, transactional cryptos may do better when it comes to trading security for improved efficiency gains.

When it comes to the protracted crypto winter, Novogratz said that the past year demonstrated just “how painful popped bubbles can be” and proposed that the industry as a whole is poised to undergo a structural shift from “a people’s revolution to an institution-led one.”

Bitcoin is currently settled around the $3,500 mark and is grinding along its bottom, according to analysts.

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