NFT investors should take profits and invest in BTC and ETH

NFT investors should take profits and invest in BTC and ETH

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

Dump NFTs, take BTC and ETH

Speaking at the London's crypto conference Token2049, crypto billionaire Mike Novogratz aired his thoughts on non-fungible tokens, particularly their rising prices and implementation on the financial network.

Galaxy Digital CEO believes NFT fans are highly engaged. As such, they pay surreal sums to acquire digital artworks:

“This is not normal in any way, shape or form,” he said.

As the ultimate supporter of Bitcoin, Novogratz advised investors to take some profits from the NFT market and shift them to the primary cryptocurrency or Ethereum:

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

Although previously considered a BTC maximalist, Novogratz has also started supporting Ethereum. Recently he even did specified that Vitalik Buterin’s blockchain project “could one day become the largest cryptocurrency.” However, it will have a “very different” use case than Bitcoin, he added.

On the other hand, Novogratz has not completely ignored the benefits of NFTs. He believes that the blockchain networks they use would play an important role in the future of the technology.

Mike Novogratz. CNBC

Is it time for BTC to reach $100,000?

In another interview For CNBC, Galaxy Digital's CEO outlined his short-term price forecast for the leading digital asset, saying the latter part of the year would be full of "parabolic moves." He praised Bitcoin’s recent performance as a prize reached almost $56,000 – the highest level since May this year.

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

“A bit like the Kentucky Derby, the horse that comes around the corner at the end always runs the fastest... the assets that are ahead in the fourth quarter usually have great placings because everyone is moving up and driving valuations up.”

Bitcoin price at $80,000 or even reaching the $100,000 milestone in the next few months would not be a surprise, Novogratz said. On the other hand, Ethereum’s USD value may end up at $5,000 during the same period.

Novogratz then mentioned the stability of the cryptocurrency market and recalled that the Chinese ban the asset class couldn't hurt it in the long run. Furthermore, “it continues to last, and it lasts because it contains both talent and money.”

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