Bitcoin has intrinsic value, says Mike Novogratz

Billionaire investor Mike Novogratz has hit back at critics who say Bitcoin has no intrinsic value.

The CEO of Galaxy Investment Partners, speaking in a TV interview with CNBC, said Bitcoin’s value was in its social makeup.

“People are buying Bitcoin based on the slow depreciation of the dollar,” he said.

“We can get into philosophical debates about what value is – a Matisse painting can run to $100 million because a small amount of people decide they’re worth $100 million.

“Over 150 million people around the world have decided Bitcoin is worth something -that’s enough for me.”

He added: “If Bitcoin is really a digital gold I still don’t think it’s a huge worry and that it is a direct threat to the dollar.”