Bitcoin can ‘easily’ be ten percent of gold in 2021, says Mike Novogratz


On the price front, the crypto-market, backed by an exponential hike in Bitcoin’s price, is outperforming its projections this week. On the regulatory front, however, the industry has found a lot to contend with. With the industry gaining more maturity as the months roll by and institutions finally recognizing, accepting, and adopting the market, regulators, particularly the ones in the United States, are gunning to expand their control on the still-nascent sector.

The FinCEN’s recently-proposed rules that would mandate stricter KYC processes for fund transfers from a centralized exchange to a personal wallet are an effort at doing the same. Understandably, these proposals drew a vehement response from many in the community, especially since they came on the back of the regulatory efforts to regulate the stablecoin market.

However, while most believe these proposals are last-ditch efforts taken by an outgoing administration, there might be more than what meets the eye. This was the view held by Galaxy Digital’s Mike Novogratz during a recent interview. According to the exec,

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Gold Price Falls As Bitcoin Nears New Record High


Economic uncertainty caused by the global health crisis increased the glow of the yellow metal in the eyes of investors who were also seeking an inflation hedge amid the central bank's rampant intervention. While such impulses took the spot gold to an all-time high of $2,075 per troy ounce in August, hopes that the end of the coronavirus crisis is on the horizon have dragged it down. Metal's down 7% in the last three months.

Other evidence of a strong recovery in the U.S. economy triggered a nearly $40 fall in the price of gold on Monday. The preliminary survey of IHS Markit's Purchasing Managers' Index (PMI) recorded the biggest jump in the service sector in more than five years and a healthy recovery in American industry.

The fall comes at the same time that Bitcoin, often described as a digital equivalent to gold, broke $19,000 for the second time in its history. Although gold has fallen 7 percent since the beginning of September, the cryptocurrency has risen more than 61 percent.

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