Mike Novogratz: $1 Trillion Of Boomers Money To Flood The Bitcoin Space
Long-time Bitcoin Bull Mike Novogratz claims over $1 trillion of baby boomers money will flood into the Bitcoin space over the next 12 months.
The Galaxy Digital CEO believes with Morgan Stanley set to offer exposure to Bitcoin, more banks will follow suit.
And as they do the wealthy baby boomers will demand Bitcoin.
Novogratz was speaking on the Reuters Digital Assets Week event when the billionaire investor said the boomers would bring ‘a giant group of wealth’ with them.
‘It could be as much as a trillion dollars comes over the next year from that giant group of wealth,’ said the former hedge fund manager.
Baby Boomers To Start Flooding The Space Next Month
Mike Novogratz is a well-known Bitcoin bull. So it will come as no surprise to anyone that he’s bullish on the outlook of Bitcoin, but the former Goldman exec went further claiming ‘the money will start coming in early next month’ after Morgan Stanley launches its funds and starts a trend.
After Morgan Stanley announced it was to offer Bitcoin exposure to its wealthy clients, Novogratz claims other banks will follow suit, which will trigger fomo from the boomer generation.
Morgan Stanley is one of America’s biggest banks, but the former hedge fund manager isn’t just predicting the inflows of capital.
Mike Novogratz’ company Galaxy Digital is actually working alongside Morgan Stanley and will run two of the funds for the institutional banking giant.
Both the Galaxy Bitcoin Fund LP and the Galaxy Institutional Bitcoin Fund LP, will be run by his firm Galaxy Digital, so Novo knows exactly what’s coming there.
Institutional Demand For Bitcoin Is Omnipresent
Mike Novogratz’ bullish outlook on Bitcoin has long been documented, and his prediction rhymes with Stone Ridge Asset Management CEO Ross Stevens, who said last month that ‘a wall of money’ was coming into the Bitcoin space.
Ross Stevens was interviewed by MicroStrategy CEO Michael Saylor at the Bitcoin For Corporations conference last month.
The Stone Ridge CEO explained Bitcoin as an asset was now being ‘de-risked’ by institutions and that his Bitcoin fund couldn’t onboard institutional clients fast enough.
‘Bitcoin is being de-risked,’ explained Stevens. ‘You’re just going to see a wall of money. I know it, I have an order book. A wall of money coming into the asset class.’
Stevens was talking of the order book for Stone Ridge subsidiary Bitcoin Fund NYDIG, which he confidently claimed would see growth from $6 billion to over $25 billion by the end of this year.
Bitcoin Is The Perfect Hedge, Not Just For Baby Boomers But everyone
Mike Novogratz believes we will see over $1 trillion of baby boomer money flood the Bitcoin space this year.
The former billionaire investor knows what’s happening in the financial world and says the Morgan Stanley offerings will encourage other banks to follow suit and trigger boomer fomo.
Stone Ridge CEO Ross Stevens has also recently spoken the bullish case for Bitcoin. The CEO of Bitcoin fund NYDIG’s parent company expects the fund grow at least 400% this year as institutions demand exposure to Bitcoin.
The US is likely to approve a Bitcoin ETF later this year, so everything is pointing towards not just boomers flooding the space but all generations.