“I do not want to see our world being ruined. I do not want to see madly rising performance curves, the sell-out of the dollar and bitcoins on the moon, because that would bring complete chaos to the streets. Unfortunately, that is what we are seeing.”
Novogratz says investors are betting on the possibility of such a scenario and such a “day of revelation” a little more.
“When people lose confidence, the odds go up sharply. Or the currencies. Look at what happened to the Turkish Lira last year.”
We will not buy goods with bitcoin
Novogratz predicts a war on payments between stablecoins and central bank digital currencies (CBDCs).
He sees bitcoin as a promise against the unstoppable printing of money, not as a means of payment.
“I do not think we will use bitcoin to buy shoes, or I don’t know…sunglasses or diet soda.“
Novogratz also says he expects bitcoin to reach 1% of world wealth by the end of 2021. For the recent braking on the rise of bitcoin he says that just some of the money is recycled in the system.
“People do what they always did since the beginning. They learn about bitcoin; they make money and then wish to see what else is out there. They take a look at Ethereum and they throw a little bit of money in there. Now also invest into NTFs and DeFi.”