December 6, 2022

Mike Novogratz: NFT Investors Should Take Profits and Put Them in BTC and ETH

2 min read

Michael Novogratz – – the CEO of Galaxy Digital and a prominent bitcoin bull – – believes that costs people pay for NFT items are not regular “in any way, shape, or type.” As such, they should consider “taking some money off the table” and investing it into the two leading digital possessions.

Dispose NFTs, Go for BTC And ETH

Speaking at the London’s Token2049 crypto conference, crypto billionaire Mike Novogratz aired his thoughts on non-fungible tokens, specifically their soaring costs and execution in the financial network.

The CEO of Galaxy Digital believes NFT fans are heavily devoted. As such, they pay surreal amounts to acquire digital artworks:

“That’s not typical, in any method, shape, or kind,” he stated.

Being a supreme supporter of bitcoin, Novogratz advised investors to take some benefit from the NFT market and transfer it into the primary cryptocurrency or Ethereum:

“It seems to me like a respectable time to a minimum of book some profits, and fold it back into Bitcoin or Ethereum or another token.”

Although previously regarded as a BTC maximalist, Novogratz has started to show support for Ethereum also. Just recently he even stated that Vitalik Buterin’s blockchain project “might become the greatest cryptocurrency one day.” However, it will have a “very different” use case than bitcoin, he included.

On the other hand, Novogratz did not totally overlook the benefits of NFTs. He believes the blockchain networks they utilize would play a substantial function in the future of innovation.

Mike Novogratz. Source: CNBC

Mike Novogratz. Source: CNBC Is It Time for $100K for BTC? In another interview for CNBC, Galaxy Digital’s CEO detailed his short-term rate forecast for the leading digital possession stating that the tail end of the year would be full of “parabolic moves.” He praised bitcoin’s recent performance as its rate reached almost $56,000 – – the acme considering that May this year.

According to his financial experience, this would draw in a lot more flow of funds from investors by the end of 2021:

“A little bit like when you go to the Kentucky Derby the horse that turns the corner at the end constantly runs the fastest… … the properties that are ahead in the fourth quarter usually have excellent finishes since everyone stacks on and presses the appraisals greater.”

Bitcoin’s price trading at $80,000 or perhaps hitting the milestone of $100,000 in the next couple of months would not be a surprise, Novogratz said. On the other hand, Ethereum’s USD worth can land at $5,000 throughout the very same amount of time.

Consequently, Novogratz pointed out the stability of the cryptocurrency market, reminding that the Chinese ban of the possession class did not handle to harm it for the long term. What’s more, “it continues to hold, and it’s holding because there is both talent and cash in it.”