Michael Novogratz, a long-time proponent of cryptocurrencies through his firm Galaxy Digital Holdings Ltd., said Bitcoin and other digital coins have become “an institutional asset class” and banks are “frantically” trying to get in on the action.
Bitcoin “should be looked at with gold and Treasuries and crude,” he said Thursday on Bloomberg Television.
Unlike for most of its 11-year history, the idea that Bitcoin will become worthless someday is no longer accepted, Novogratz said. “The existential threat of Bitcoin is gone,” he said.
— With assistance by Sonali Basak