Mike Novogratz and Dave Portnoy Say Buy Bitcoin and Not Gold

[Yaunfitda]

Mike Novogratz and Dave Portnoy Say Buy Bitcoin and Not Gold

In an appearance on Bloomberg Television, Novogratz — founder of Galaxy Digital Holdings Ltd. — said that although he sees gold climbing above its record highs, Bitcoin is still the more worthy investment because it’s “harder to buy” than the traditional haven. He said about 25% of his net worth is tied up in the cryptocurrency.

“It’s only got a $20 billion market cap, while gold is over $10 trillion,” Novogratz said of Bitcoin. “So it’s got a long way to go to catch gold in terms of just adoption.” Still, he doesn’t recommend beginners put in more than 1-2% of their money into the digital currency.

Barstool Sports founder Portnoy, meanwhile, was sold on the cryptocurrency after being pitched by Cameron and Tyler Winklevoss. In a video posted on Portnoy’s Twitter feed, the twin brothers — who founded crypto exchange Gemini Trust — say Bitcoin has the potential to replace gold as a store of value. Their reasoning? They claim that Elon Musk has plans to mine gold from asteroids.

In a tweet after his interview with the Winklevoss twins, Portnoy suggested he has bought $1 million worth of Bitcoin.

https://finance.yahoo.com/news/mike-novogratz-dave-portnoy-buy-211820610.html

More institutional money flowing to bitcoin? It's obvious shilling, but we all know that they have a point here. And as much as majority here hates Mike N with his exorbitant predictions or sometimes gloom and doom, hehehe.

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[mk4]

"In a video posted on Portnoy’s Twitter feed, the twin brothers — who founded crypto exchange Gemini Trust — say Bitcoin has the potential to replace gold as a store of value. Their reasoning? They claim that Elon Musk has plans to mine gold from asteroids."

This was the part of that video where I was in awe. I frequently despise Reddit, but I've read FAR better bullish cases in there than this one. Probably even the "you can use bitcoin to buy drugs on the darknet markets" case is better than this one.

I hope the Winklevi were just meme-ing, but I definitely expected a lot more from them.

[xhomerx10]

Novogratz loves to make predictions which usually turn out to be wide of the mark - gotta love a Bitcoin bull but I wouldn't go 'all in' on any of his recommendations tbh.

[Darker45]

While it is expected that more institutional money will be flowing to Bitcoin, I don't think the reason is that Gold is becoming worthless.

Money will be flowing to Bitcoin because of its fundamental features and characteristics. And those are independent from the fate of Gold.

[xhomerx10]

While it is expected that more institutional money will be flowing to Bitcoin, I don't think the reason is that Gold is becoming worthless.

Money will be flowing to Bitcoin because of its fundamental features and characteristics. And those are independent from the fate of Gold.

 Not entirely independent as people are seeking safe havens from the inevitable hyper-inflation due to the Covid-19 stimulus packages in many countries.  ie money printers going BRRrrrr!

[Eureka_07]

Indirectly attracting new investors to invest on bitcoin. It's fine since he is really making a point and it really is a good investment. But that doesn't mean buying Gold is not good. Gold's value will just continue to rise it's value, unless new supplies will be added, just like controversies that Musk is planning to mine gold on asteroids.

[thr3]

Bitcoin and cryptocurrencies are more liquid than gold. Them encouraging people to buy it creates more liquidity which in turns benefits all of us hodlers.

Gold is generally still prefered as it has stood the test of time, while cryptos are still nascent.

[Darker45]

While it is expected that more institutional money will be flowing to Bitcoin, I don't think the reason is that Gold is becoming worthless.

Money will be flowing to Bitcoin because of its fundamental features and characteristics. And those are independent from the fate of Gold.

 Not entirely independent as people are seeking safe havens from the inevitable hyper-inflation due to the Covid-19 stimulus packages in many countries.  ie money printers going BRRrrrr!

Well, Gold is still treated as a safe haven despite the predicted hyperinflation due to the unlimited printing of thin air money due to the economic repercussions of this COVID-19 pandemic. So why would these guys tell people to buy Bitcoin and not Gold? What's so wrong with Gold? Because it is going to be mined by Elon from asteroids?

Bitcoin's questionable reputation as a safe haven does not depend on Gold. When fiat falls hard, both Bitcoin and Gold will certainly benefit from it as people would stay away from fiat-dependent market. However, it has to convince investors first that it is indeed a safe haven based on its own features.

[davis196]

Buying Bitcoin instead of Gold is kinda stupid.I would say buy both(and maybe add some real estate in your assets)
Elon Musk will successfully mine gold on asteroids somewhere around 2100 and the production/mining cost of that gold would be astronomical,hence,he would sell that gold at a huge loss.
Actually there's enough gold on the planet Earth,but the costs of mining that gold are extremely high,so mining won't be profitable.
We all know Mike Novogratz has always been very bullish about Bitcoin,but most of the time,he makes himself look silly,especially with such "predictions".

[larus]

It all depends from person willing for risk. I will never store more than 50% of my money in crypto, others will never store 5% in btc. For whose gold could be not bad option

[Insanerman]

More institutional money flowing to bitcoin? It's obvious shilling, but we all know that they have a point here. And as much as majority here hates Mike N with his exorbitant predictions or sometimes gloom and doom, hehehe.

Lol if you would buy Bitcoin now with its market being green, then you'll soon be losing. Why? It's too late. Promoting Bitcoin now is just only whales and making the crypto be a hype, without the newbie investors on cryptocurrency knowing that it might be going down again to 9K soon. But then again, if they predict such bullish market, then they are partly right. But still, buying gold are for long term investors, with less risk compared to the crypto and Bitcoin per se.

[pooya87]

people should never buy or not buy something based on what other people tell them no matter who they are. in case of bitcoin  everyone should do their own research and learn about what bitcoin as the only decentralized currency offers.
besides these people are advertising bitcoin as an investment that can give you a lot of money, which is a terrible way of telling people about bitcoin. we don't want more speculator who think bitcoin is a get rich quick scheme that will only increase the volatility and slow down the adoption and consequently the price rise.

[anu1908]

Lol if you would buy Bitcoin now with its market being green, then you'll soon be losing. Why? It's too late.

why is it too late? you mean bitcoin would never break a new high a gain? would you say the same thing when it was $1 after it was $0.01? i think there's no way you can tell when is the right time to buy, as well as whether it's late or not since you don't know the future.

[Twinkledoe]

Lol if you would buy Bitcoin now with its market being green, then you'll soon be losing. Why? It's too late.

why is it too late? you mean bitcoin would never break a new high a gain? would you say the same thing when it was $1 after it was $0.01? i think there's no way you can tell when is the right time to buy, as well as whether it's late or not since you don't know the future.

In my opinion, there is no right or wrong time to buy btc or any other alt. As long as you are following the simple rule of trading : buy low, sell high, and you are gaining profit whether small or huge profit, you are still on the positive side. So for me, I don't consider buying btc today as late, if you can sell it at a much higher price tom or in the future, even few bucks higher than what you bought plus of course the fees involved when you bought it.
Also, as some are saying, you should not buy a coin just because some popular individual or self proclaimed experts are telling you so.

[CreativeCoin]

You know, bitcoin is becoming more relevant today, but not all people trust bitcoin. The reason for this is online trading, because many people know not by hearsay about fraud on the Internet, many need a reliable way to invest their capital. The reason that gold is more relevant is a practice established for years, people have been using the transfer of their money into gold for a long time, and since banks give them a guarantee, and gold will not disappear so easily, because it is tangible, but there is no online currency. I believe that people will use online currency more and more, because every day the relevance and guarantee of online currencies themselves is growing

[20kevin20]

I like the "gold vs Bitcoin" debate although it's probably been overly discussed, but using this argument to convince someone to buy BTC through a hypothetical scenario that seems close to impossible for at least the next decade such as "Gold will replace Bitcoin" is nothing but nonsense.

This is as close as it can get to new artists being told by their fans they're the new Eminem or something. Just doesn't make sense. Bitcoin will be different compared to gold, no matter how many similarities they have. It's probably going to go its own way and there will always be different advantages and disadvantages with both. Advertise Bitcoin for what it is.

[Jating]

Bitcoin and cryptocurrencies are more liquid than gold. Them encouraging people to buy it creates more liquidity which in turns benefits all of us hodlers.

Obviously, both of them have some narrative behind why they are pushing bitcoin to whales and average joes. But I don't know if my memory serves me right, Mike Novogratz is a perma bear right?

Gold is generally still prefered as it has stood the test of time, while cryptos are still nascent.

Both has its pros/cons, most millennials still prefer bitcoin and then those traditional investors would love to get their hands on bitcoin.

But nevertheless, this is bitcoin publicity, still good for us.

[gentlemand]

So Dave Portnoy, whoever he is, got a boner out of nowhere in the last few days and now it's world changing? I'd really love to know if any of these quasi celebs have ever swayed anyone before. I guess it all mounts up in the end but it's still a bit daffy to witness.

[Oasisman]

These guys just wanted people to buy Btc for their gains because they themselves are invested and rushing for good profit. This is the advantage of having a name in the financial industry, they could just throw any statement that could change the market sentiments.
There's both bad side and good side for such statement like this. It could expand the popularity of Bitcoin, and at the same time It could make new investors discouraged once Btc falls far below the support level.

[Lucius]

As far as I know Mike has booked a chair at Bloomberg since I know for BTC, which just means that from time to time he has to come up with a story that will be media attractive enough to promote his company. I don't know if Mike actually said what is written in the article, but BTC doesn't have a $20 billion market cap - it seems that someone has a problem with the basics

And what about gold mining on asteroids? Will it be profitable in the next 50 years maybe or will EM still establish a colony on Mars before that and call it X Æ A-12?