Bitcoin, the assumed crypto king experienced another slam this week when Michael Novogratz, a prominent BTC bull in the world turned down his long-term supported coin for Gold.
Although Novogratz accepted that Bitcoin outperformed the precious metal, it is still safer to buy more Gold than Bitcoin due to its highly volatile nature. "Bitcoin is still early in the adoption cycle", Novogratz affirmed. He further averred that "he would tell people to have a lot less Bitcoin than they have Gold, just because of the volatility"; Novogratz reiterated to CNBC's Fast Money on July 8.
Novogratz's call to prioritize Gold over Bitcoin comes amidst Gold's price hitting a nine-year high. On July 9, Gold broke a $1,800 threshold reaching the highest price since September 2011. The soaring price of Gold is attributed to the economic fears over the Covid-19 crisis.
Novogratz predicted Bitcoin to hit $20,000 by the end of 2020. Last year he predicted that institutional interests would push the Bitcoin price back to All-Time-High(ATH) of $20,000. However, Bitcoin failed to the expectation; eventually trading arround $7,000 at year's end.