Mike Novogratz: NFT Investors Should Take Profits and Put Them in BTC and ETH

Michael Novogratz – the CEO of Galaxy Digital and a prominent bitcoin bull – thinks that prices people pay for NFT products are not normal “in any way, shape, or form.” As such, they should consider “taking some money off the table” and investing it into the two leading digital assets.

Dump NFTs, Go for BTC And ETH

Speaking at the London’s Token2049 crypto conference, crypto billionaire Mike Novogratz aired his thoughts on non-fungible tokens, specifically their soaring prices and implementation in the financial network.

The CEO of Galaxy Digital believes NFT fans are heavily committed. As such, they pay surreal sums to acquire digital artworks:

“That’s not normal, in any way, shape, or form,” he said.

Being an ultimate supporter of bitcoin, Novogratz advised investors to take some profits from the NFT market and relocate it into the primary cryptocurrency or Ethereum:

“It seems to me like a pretty good time to at least book some profits, and fold it back into Bitcoin or Ethereum or another token.”

Although previously regarded as a BTC maximalist, Novogratz has started to show support for Ethereum as well. Recently he even stated that Vitalik Buterin’s blockchain project “may become the biggest cryptocurrency one day.” However, it will have a “very different” use case than bitcoin, he added.

On the other hand, Novogratz did not entirely disregard the merits of NFTs. He believes the blockchain networks they use would play a significant role in the future of technology.

Mike Novogratz. Source: CNBC

Is It Time for $100K for BTC?

In another interview for CNBC, Galaxy Digital’s CEO outlined his short-term price prediction for the leading digital asset saying that the last part of the year would be full of “parabolic moves.” He praised bitcoin’s recent performance as its price reached nearly $56,000 – the highest point since May this year.

According to his financial experience, this would attract even more flow of funds from investors by the end of 2021:

“A little bit like when you go to the Kentucky Derby the horse that turns the corner at the end always runs the fastest… the assets that are ahead in the fourth quarter usually have great finishes because everyone piles on and pushes the valuations higher.”

Bitcoin’s price trading at $80,000 or even hitting the milestone of $100,000 in the next few months would not be a surprise, Novogratz said. On the other hand, Ethereum’s USD value can land at $5,000 during the same time frame.

Subsequently, Novogratz mentioned the stability of the cryptocurrency market, reminding that the Chinese ban of the asset class did not manage to harm it for the long run. What’s more, “it continues to hold, and it’s holding because there is both talent and money in it.”