Galaxy CEO predicts Bitcoin market cap will overtake gold in 5 to 8 years
Galaxy Digital founder and CEO Mike Novogratz believes Bitcoin (BTC) could match and eventually surpass gold’s market capitalization within five to eight years, following the crypto’s record-breaking momentum.
Novogratz made the prediction in response to a post by Alex Thorn, head of research at Galaxy, which highlighted that Bitcoin’s market cap has reached 14% of gold’s $17.8 trillion value — a new all-time high.
Thorn’s analysis, accompanied by a chart showing Bitcoin’s increasing share of gold’s market cap, emphasized Bitcoin’s accelerating growth.
The milestone coincides with Bitcoin’s surge to a new lifetime peak of $108,000 on Dec. 17, ahead of the US Federal Reserve’s anticipated rate cut. Bitcoin’s current market cap of $2.13 trillion now exceeds two-thirds of the $3.13 trillion in gold held by global central banks.
Federal Reserve Chair Jerome Powell recently acknowledged that Bitcoin is a “digital version” of gold during recent remarks. However, he added that it remains a speculative asset and dismissed its competition with the US dollar.
Powell clarified that while Bitcoin has a niche appeal, it does not fulfill the broader functions of a sovereign currency, such as facilitating payments or serving as a medium of exchange. His comments reflect the growing recognition of Bitcoin among policymakers as a legitimate asset class, even if its role remains distinct from traditional currencies.
The flagship crypto’s rise also signals a significant shift in investor sentiment. US-based Bitcoin ETFs recently surpassed gold ETFs in total assets under management, with Bitcoin ETFs reaching $129.25 billion compared to gold’s $128.88 billion.
