Mike Novogratz, CEO and founder of Galaxy, has predicted that Bitcoin, the leading cryptocurrency, will surpass gold by market capitalization within the next five to eight years.

Earlier this week, Bitcoin's market cap reached 14% of that of gold, which is a new all-time peak.

The leading cryptocurrency hit a new lifetime peak of $107,822 on Monday ahead of the U.S. Federal Reserve's widely expected rate cut that is expected to be announced on Wednesday.

Gold and Bitcoin are currently valued at $17.8 trillion and $2.13 trillion, respectively.

Notably, the market cap of the flagship cryptocurrency has now exceeded two-thirds of the value of all gold held by central banks ($3.13 trillion). 

As reported by U.Today, Jerome Powell, the chair of the U.S. Federal Reserve, recently stated that Bitcoin was a "digital version" of gold while also rejecting the idea that it competes with the U.S. dollar.   

Surpassing gold ETFs 

According to Vetle Lunde of K33 Research, U.S.-based Bitcoin exchange-traded funds (ETFs) surpassed gold ETFs by assets under management earlier this week ($129.25 billion and $128.88 billion, respectively). 

Last month, iShares Bitcoin ETF (IBIT) surpassed iShares Gold ETF (IAU), which was launched in 2005, in terms of assets.

As reported by U.Today, SkyBrige Capital founder Anthony Scaramucci recently opined that Bitcoin prices were held back by the SEC's persistent refusal to approve a Bitcoin ETF. The agency caved in only after asset management company Grayscale scored a legal victory against it.