Next Bitcoin Bull Run Will Be Cocktail of Utility And Speculation: Mike Novogratz at Token2049
- Dubbed Asia’s premier crypto event, Token2049 is a two-day event happening today and tomorrow.
- Novogratz added that more secure and scalable systems and networks are needed before the next Bitcoin bull market.
- Novogratz said the crypto market is poised for tremendous success ahead by referring to the inevitable adoption.
Galaxy Digital CEO Mike Novogratz believes the next Bitcoin bull market will be different from the past rallies. Speaking at the Token2049 event held in Marina Bay Sands, Singapore, Novogratz said that the next Bitcoin bull market would be a cocktail of 50 per cent utility and 50 per cent speculation. However, he forecasted that the global adoption and utility would fuel the next Bitcoin bull market.
Most cryptocurrency analysts agree that the next Bitcoin bull market will not begin until after the 2024 halving event. Moreover, the past Bitcoin rallies materialised a year after the halving event. However, Novogratz noted that the speculative aspect mostly fueled the 2017/2018 crypto bull market.
Whereby most of the Bitcoin investors then were not happy with their respective governments but needed a decentralised and secure system.
Dubbed Asia’s premier crypto event, Token2049 is a two-day event happening today and tomorrow. Key event speakers include Stani Kulechov, CEO of AAVE, and Dan Morehead, the founder and CEO of Pantera Capital.
Novogratz added that more secure and scalable systems and networks are needed before the next Bitcoin bull market. Whereby Novogratz thinks the current networks and systems are not scalable enough to withstand the next bull market.
“I see it’s people building applications, people building systems that are fast and scalable and that are user friendly. We don’t have them yet. That’s why we’re where we are. But in the next few years, they’re coming,” Novogratz said.
Solid Bitcoin Bull Market Ahead
Novogratz said the crypto market is poised for tremendous success ahead by referring to the inevitable adoption. Moreover, two countries, El Salvador and the Central African Republic have adopted Bitcoin as legal tender ahead of the next bull market. Meanwhile, other global countries, including Russia, Iran and Germany, have friendly crypto regulations allowing use cases in the national and international market.
“The word inevitable keeps coming up. There’s a sense of inevitability that we’re in the right space, inevitable that Bitcoin will have its day,” Novogratz stated.
Worth noting Novogratz expressed his confidence in the Web3 industry and the NFT market in the next bull market. Moreover, they have a scalable use case, including the metaverse and the GameFi industry.
In the long term, some crypto analysts believe Bitcoin will trade for over a million dollars, fueled mostly by heightened global inflation. As a result, institutional investors led by MicroStrategy Inc. (NASDAQ: MSTR) are confident in adding Bitcoin to their balance sheet.
Furthermore, Bitcoin has had a better return during the bear market than most traditional financial instruments worldwide.
The total cryptocurrency market capitalisation is around $1 trillion, a mere drop in the ocean compared to the traditional stock market and global wealth. As such, the prospects of a future Bitcoin bull market are considerably higher than most traditional instruments.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
