Bitcoin just keeps getting bigger and bigger. Galaxy Digital CEO Mike Novogratz believes bitcoin is entering an $84 trillion capital market. This is possible after the approval of Bitcoin spot market exchange-traded funds (ETFs).
$84,000,000,000,000 market
At the Bitcoin Investor Day event in New York, the bitcoin billionaire says he sees an overwhelming increase in adoption with the launch of the ETFs. He also says that ETF providers like BlackRock can quite easily sell their BTC to the wealth held by American baby boomers. According to him, that amounts to approximately $84 trillion.
“Right now, adoption is huge because we just entered a new market. So here are the numbers: There is $84 trillion in wealth – trillion – in the hands of American baby boomers. Baby boomers are generally 60 to 80 years old. They generally invest through registered investment advisors. You call your broker at Dean Witter or Morgan Stanley or AJ Edwards and say, “Hey, how’s my portfolio doing? Put a little bet here.” That’s the ETF process and it’s just getting started. And so, early, big adoption, a lot of the smaller platform regional brokers are already buying, but a lot of the big platforms like Morgan Stanley, they’re not selling yet. They will, they are preparing. You can buy it on their platform, but their sellers aren’t selling it yet.
One thing I learned about Bitcoin: it is always sold, not bought. Someone sits down and explains it to you. What is Bitcoin’s macro story? It’s relatively simple: our government can’t keep its pants on and is spending too much money. If you spend more money than you make, you depreciate your currency.”
At the time of writing, the US national debt is $34.578 trillion. See below the interview Mike Novogratz had with Anthony Pompliano.
Parties such as BlackRock and Fidelity have tens of thousands of bitcoins on their balance sheets. In addition, someone like Larry Fink, the CEO of BlackRock, is very bullish about the future of the bitcoin market. Bitwise, another ETF provider, also sees glorious times approaching. The market will determine whether this all comes true. And no one can predict the market exactly.
