Mike Novogratz, founder and CEO of crypto fund Galaxy Digital, is among the world’s biggest believers in the potential for cryptocurrencies. At a CNN Business’ Foreseeable Future live event Thursday, he encouraged investors to look past the often massive daily swings that bitcoin takes and look at the bigger picture.
“Bubbles and manias happen around things that fundamentally change the way we think,” Novogratz told CNN’s Julia Chatterley during the event. “Finance will be disrupted by decentralized systems, I’m confident of that.”
Bitcoin is up about 45% this year and nearly 300% over the past 12 months, according to CoinDesk.
Much of the focus on bitcoin craze is about the underlying technology, Novogratz noted — but he thinks the crypto space represents a new investor identity beyond just looking for a return. Betting on bitcoin is about believing in a fundamental change to the way money works today.
Bitcoin traded just below $43,000 per coin Thursday. Novogratz expects it to be worth more than half a million per coin in ten years.
But while bitcoin is the biggest and most popular coin out there, there are thousands of others with much smaller market caps and likely perhaps staying power.
“I would bet 75% of cryptos don’t make it” through the next decade, Novogratz added.
Regulatory reckoning coming?
Though the digital currency space is filled with hungry investors and plenty of