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Prominent cryptocurrency investor and Galaxy Digital founder Mike Novogratz has criticized Balaji Srinivasan's recent prediction

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In a recent appearance on the Prof G Pod with Scott Galloway, Mike Novogratz, a well-known investor and founder of cryptocurrency-focused financial services firm Galaxy Digital, expressed his concerns about the potential consequences of Bitcoin reaching a $1 million valuation.

Specifically, he criticized a recent prediction by venture capitalist and former Coinbase CTO and anti-American propagandistBalaji Srinivasan, suggesting that such over-the-top callscould strain relationships between the crypto industry and U.S. government officials. "While the dollar is under attack elsewhere, it doesn't help. I've been very careful myself not to be dramatic," he noted.

Novogratz argued that Bitcoin serves as a report card for the stewardship of governments, reflecting their ability to manage populist spending and maintain stability. He noted that the initial creation of Bitcoin by Satoshi Nakamoto was driven by concerns over government populism and the subsequent erosion of stability and civil society.

Regarding the recent lawsuit against Binance by the CFTC, the crypto mogul stated that he does not believe the exchange is in significant trouble, and that most of the alleged violations occurred prior to 2021.

When asked about Sam Bankman-Fried, the controversial CEO of FTX, Novogratz opined that he believes Bankman-Fried could face jail time for his actions, though he did not elaborate on the reasons.

Novogratz also touched on the role of the SEC in regulating the crypto industry, suggesting that the agency may be overcorrecting due to past mistakes. He expressed hope that the U.S. judiciary system would be less politically influenced in its approach to crypto regulation.

As for restoring faith in the crypto industry, he emphasized the importance of patience and hard work. He highlighted the involvement of influential figures like Abbie Johnson, who see the potential of digital assets as a store of value within the global financial system.

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Mike Novogratz Doesn't Want Bitcoin (BTC) to Hit $1 Million. Here's Why - U.Today

The landlocked Himalayan country of Bhutan has been said to be secretly investing millions of dollars in Bitcoin (BTC)and other cryptocurrencies. The bankruptcies of lenders BlockFi and Celsius have made the companys investments public, which had previously been kept secret from the general public.

Based on court records, Bhutans $2.9 billion national investment arm, Druk Holding & Investments, was a client of insolvent crypto lenders BlockFi and Celsius, according to documents revealed in a Forbes report on April 15.

Druk Holding & Investments is responsible for managing a portfolio consisting of domestic assets; nevertheless, since at least 2022, Druk has also been cultivating a crypto portfolio in secret. It was accidentally disclosed in the aftermath of the crypto contagion that occurred last year, which resulted in the failure of a number of businesses, including FTX and Voyager.

Over the course of the three months covered by the Celsius filing, Druk withdrew over $65 million and deposited approximately $18 million in digital assets.

A complaint was handed over to Druk in Thimphu, Bhutans capital city and the residence of the countrys royal family, by attorneys for BlockFi, a company that declared bankruptcy in November, only a few days after FTX did so. BlockFi is making the accusation that the fund has failed to return a loan of $30 million that it received.

According to the claim, in February 2022, Druk agreed to borrow 30 million USD Coin, which is a stablecoin whose value is tied to that of the US dollar. However, according to BlockFis allegations, Druk failed and refused to return the loan in its entirety. This was the case even after the lender liquidated collateral of 1,888 Bitcoin, which had a value of $76.5 million at the time of the loan. This left an outstanding debt of $820,000.

Whats more, over 14,000 pages of user information, including names, addresses, and financial activities, were made public by Celsius in October. Between April and June of 2022, Druk Holding & Investments, together with an account titled Druk Project Fund, performed dozens of transactions, including deposits, withdrawals, and borrowing of Bitcoin, Ethereum, Tether, and a few other cryptocurrencies, as shown by the transaction logs.

Druk withdrew about $65 million and deposited approximately $18 million in digital assets during the three months covered by the Celsius filing.

If Druk decided to invest tens of millions of dollars in cryptocurrency, it would be an unusual move for the holding firm, which is supposed to encourage domestic business projects. It would seem to be the first national wealth fund to acquire cryptocurrency if it is actually what it claims to be direct.

Interestingly, this is not the first cryptocurrency and Bhutan have been mentioned in the same sentence together, back in 2021, Finbold reported that Ripple inked a collaboration with Bhutans central bank, the Royal Monetary Authority (RMA). The deal aimed to conduct a pilot project to facilitate cross-border and wholesale payment through a CBDC solution.

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Kingdom of Bhutan secretly invests millions in Bitcoin - Finbold - Finance in Bold

Charlie Morris, who is the Founder and CIO of ByteTree Asset Management, believes that gold and Bitcoin are set to experience significant and lasting gains due to a weakening dollar and increasing sovereign risk.

Per a report by Kitco News published on April 17, Morris believes the econometrics are clear-cut, suggesting that investors in gold and Bitcoin are unlikely to face bad days. In an interview with Kitco News reporter Ernest Hoffman on April 12, Morris expressed his conviction that the market is witnessing the beginning of a strong bull market for precious metals, primarily due to the dollar losing strength.

Morris highlighted the unprecedented rise in gold prices without Wall Streets backing, which has not been seen in the past 25 years. He urged investors to be cautious of escalating sovereign risk, particularly when the U.S. 10-year bond yield exceeds four percent.

Morris recounted events from last October, when the U.S. 10-year bond yield rose above four percent, leading to the resignation of the UK Prime Minister and the Chancellor of the Exchequer. The attempt to implement pro-growth economic policies did not prove fruitful. More recently, five banks failed, and Credit Suisse, a leading global bank, collapsed. He noted that the U.S. governments response to the Signature Bank and Silicon Valley Bank implosion only increased risk.

With the growing sovereign risk worldwide, Morris expects gold prices to surge. He considers the recent inflows of Wall Street investment into gold to be significant, as central banks and Wall Street investors are now buying gold simultaneously, creating the ideal conditions for a bull market.

In addition to gold, Morris is optimistic about Bitcoin, attributing sustained inflation and poor returns on other assets as key drivers. He is nearly certain that Bitcoin has reached its low point for this cycle, estimating a price of around $40,000 over the next year. However, he believes that the six-digit, hundred-thousand-plus figures will only be attainable in the next cycle after the halving event.

Morris asserts that much of the negativity surrounding Bitcoin in the past 18 months was unfounded, as it was being blamed for failures in other areas of the crypto sphere. He emphasized the resilience and robustness of the asset.

In conclusion, Morris envisions gold and Bitcoin outperforming in the medium term and complementing each other as investments. He believes that now is an excellent time to own inflation-protection assets while they remain underpriced.

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Bitcoin and Gold's Bright Future, According to ByteTree Asset ... - CryptoGlobe

Monday April 17, 2023 07:48

(Kitco News) - April Bitcoin futures prices are lower in early U.S. trading Monday, after hitting a new contract high Sunday. A price uptrend on the daily bar chart remains firmly in place. There are no strong, early chart clues to suggest a market top is close at hand. The bulls have the solid overall near-term technical advantage to suggest still more upside in the near term. Stay tuned!

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Bitcoin Apr. 17 daily chart alert - Price uptrend alive and well - Kitco NEWS

Disclaimer: The article is simply speculative and should not be taken as investment advice.

Lets call it what it is: 2022 was a dramatic year for crypto. The fall of multiple cryptocurrency exchanges and the industry starting 2023 with a loss of $2 trillion gave rise to what was considered as the worst bear market in a decade.

Fortunately, this story was writing a good chapter at press time. Consider this Bitcoins [BTC] price has risen by 28% since 12 March, touching $30k for the first time since 10 June 2022.

Even so, folks like Ray Dalio remain unimpressed. In fact, the famed investor spoke about the most traditional investment opportunity Gold and how crypto can never match up to it.

Dalio summed up his thoughts by saying,

Its a very, very poor alternative to gold Central banks, by the way, own gold, and its their third-largest reserve US dollars, euros, gold, and then yen.

Driving home his point, Dalio argued,

They can outlaw [Bitcoin]. They can regulate it. Central banks and countries pretty much dont want it, anyway. So its not a good viable alternative You can have it go down 80%, and if you want to have a little bit [of] it, you can have it. Its not a big asset. It gets an amount of attention which is way out of proportion to its size.

However, the debate between gold and crypto is not new, especially as Vitalik Buterin voiced his pro-crypto opinions not long ago. He reminded Twitter users why crypto is the future of money, saying,

Gold is incredibly inconvenient. Its difficult to use, particularly when transacting with untrusted parties. It doesnt support safe storage options like multi-sig. At this point, gold has less adoption than crypto, so crypto is the better bet.

Does Buterin have a point? Do naysayers like Dalio ultimately have no leg to stand on? Lets delve deeper.

For starters, Buterin called gold inconvenient and difficult to use. It makes sense because well, who uses gold for everyday transactions? Gold is stored in reserves by central banks in places like the U.S., is bought as a sign of wealth in places like India, but is ultimately traded for cash in both scenarios. Crypto, on the other hand, is slowly moving towards P2P transactions.

Buterins last point, which brings up golds less adoption as compared to crypto, is something that has started playing out already. In fact, by November 2022, the number of crypto-owners hit 402 million as adoption grew at an average of 2.9% monthly.

Conversely, investment demand for gold grew by 10% throughout 2022. These are some interesting numbers for those caught in the crosshairs of this debate.

Based on the above analysis alone, one could argue that crypto-investment will become more important in the future. Its simple: Anyone can buy crypto, save it, and sell it when the time is right. Crypto is the better bet, as evidenced by the recent successes of Bitcoin and Ethereum [ETH], which are emerging as safe havens for investment.

To help prove my point, I went to our AI friends and self-proclaimed experts on everything, ChatGPT. I began my quest for the truth by asking it the most basic question I could think of, which was simply,

Is crypto a better investment than gold

As expected, the classic version of ChatGPT did not give me satisfactory answers, reiterating that individual preferences depend on their risk appetite, investment conditions, and everything else taught in investing 101.

However, DAN gave me an answer to ponder about.

Explosive growth, clear winner, massive returns.

Playing the Devils Advocate, one could argue that these are just hyperbole statements by an AI that does not know better (yet). However, as I prodded DAN further, the AI admitted,

The last point was particularly interesting, as we can see this play out in real life too.

For instance, according to a report by Bankrate, towards the start of 2023, millennials, with 57%, led the list of crypto-investors. Gen-Z followed not far behind, with 13% investors. Gen-X and Baby Boomers rounded off the list, with 20% and 10%, respectively.

For now, maybe gold remains the top investment choice, but the tides are changing. This, despite there being not many cryptos that will be a safe choice, apart from a select few. Moreover, as technology develops, AI-enabled cryptos will see an increase too. And, maybe its anyones guess as to where this innovation will take the industry.

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Move over gold, smell the Bitcoin? Heres what ChatGPT says - AMBCrypto News