Galaxy CEO Mike Novogratz: Bitcoin prices will keep climbing as long as debt-to-GDP keeps climbing

Market Trends & Crypto Adoption - Crypto markets are currently experiencing a bull market [1] - The aperture for buying crypto is widening through various avenues, including treasury companies [2] - Public equity markets are significantly larger than crypto markets, leading to substantial money inflow into crypto assets [3][4] - The potential inclusion of crypto assets in 401ks represents a massive pool of capital for the crypto market [2] Bitcoin & Ethereum Analysis - Bitcoin is viewed as digital gold and a hedge against incessant money printing and bad fiscal policy [6] - Bitcoin's appreciation is expected to continue as long as governments spend more than they earn [6] - Ethereum's story is gaining momentum as a base layer of trust for various projects and industries, potentially becoming a currency itself [7] - Treasury companies are providing public market investors access to Ethereum, including staking yield and lending derivatives [8] Stablecoins & Competition - Stablecoins are primarily used for liquidity in crypto markets and overseas payments [11] - Circle and Tether currently dominate the stablecoin market [12] - Competition in the stablecoin market is expected to increase as major players like JP Morgan and PayPal enter the space [12] - Coinbase owns roughly 50% of Circle's USDC revenue flow [13]