Bitcoin and Gold Should Be Driven by Same Macro: Galaxy Digital CEO Mike Novogratz

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Wed, 10/23/2019 - 16:43
Alex Dovbnya
When it comes to choosing between gold and Bitcoin, Mike Novogratz believes that you can have both
Cover image via twitter.com

Galaxy Digital CEO Mike Novogratz has recently taken to Twitter to weigh in on the everlasting Bitcoin vs. gold debate. The crypto boss says that he's long on both of these assets, and he believes that they should be driven by the same macroeconomic factors. 

Novogratz responded to the tweet posted by VanEck's digital asset strategist Gabor Gurbacs where he opined that real Bitcoiners should appreciate gold in the wake of an "ill-informed" Grayscale commercial

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Grayscale, the world's largest cryptocurrency asset manager, recently debuted a new ad as part of its "Drop Gold" campaign. The tongue-in-cheek video underscores how ridiculous the yellow rock looks in the modern digital world. 

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Euro Pacific Capital CEO Peter Schiff was quick to react to the second wave of Grayscale's anti-gold push, predicting that it could end up being "one of the worst timed" financial ever. He didn't mince words for Bitcoin, calling the top coin "a mere footnote in financial history" and "fool's gold."

As reported by U.Today, the vocal Bitcoin hater forecasted that the price of Bitcoin could drop to as low as $200. 

Would you still buy gold while owning Bitcoin? Share your take in the comments!    

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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