Galaxy Digital chief executive Mike Novogratz believes that Bitcoin now has access to an $84 trillion market following the approval of BTC spot market exchange-traded funds.
Speaking at the Bitcoin Investor Day event in New York, the billionaire says BTC is witnessing a dramatic increase in adoption with the launch of the ETFs.
He also says that ETF salesmen will have no problem selling Bitcoin to participants of the $84 trillion market due to the mountain of debt accumulated by the US government.
“Right now, adoption is way overwhelming because we’ve just tapped into [a new market]. So here are the numbers: there’s $84 trillion of wealth – trillion – owned by US baby boomers. Baby boomers are broadly 60 to 80 years old…
They broadly invest through registered investment advisors. You call your broker at Dean Witter or Morgan Stanley or AJ Edwards and say, ‘Hey, what’s my portfolio? Put a little bit here.’ That is the ETF process and it has just started.
And so early, big adoption, a lot of the smaller platform regional brokers have been buying, but a lot of the big platforms like Morgan Stanley, they’re still not selling yet. They are going to, they’re getting prepared to. You can buy it on their platform but their salesmen aren’t selling it.
One thing I’ve learned about Bitcoin: it’s always sold, it’s not bought. Somebody sits down and explains it to you.
What’s the macro story of Bitcoin? It’s relatively simple: our government can’t keep its pants on and is spending too much money. When you spend more money than you take in, you depreciate your currency.”
At time of writing, the US national debt is sitting at $34.578 trillion.
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