The CEO of Galaxy Digital Capital who is also a Billionaire Bitcoin investor, Michael Novogratz claims that it is almost irresponsible to not invest in Bitcoin.
Michael Novogratz is known to be a financial guru, after having been a former hedge fund manager at Fortress Investment Group and a partner in Goldman Sachs. He is said to have almost 10% of his net worth in cryptocurrencies.
Michael Novogratz has been on a series of advice to the public about investing in Bitcoin. He told CNN recently that every investor should spread at least 1% to 2% of their total portfolio in cryptocurrency.
He went on to add that if an investor did not spread it into cryptocurrencies, he was ‘almost irresponsible.’
On Wednesday, 9th of May Novogratz’s Galaxy Digital tied up with Bloomberg to launch the Bloomberg Galaxy Crypto Index. It is an index which will track ten cryptocurrencies which is a sign that many investors are growing interest in them. The cryptocurrencies include popular cryptocurrencies such as Bitcoin and Ethereum which weighted the most at 30% each.
Novogratz is looking at long-term benefits of cryptocurrencies and hence has strongly advised investors to pursue cryptocurrencies. These long-term benefits include Blockchain’s vast improvement in transactions which will be helping every industry possible.
During an interview on Friday with FOX Business, he noted that even big businesses would flood into the cryptocurrency space.
“I keep saying the herd is coming. I was at the New York Stock Exchange the other day, and I’d be shocked if they don’t do something really exciting in the next three to 12 months.”
Novogratz is starting to become bullish and aggressive towards the cryptocurrency market. He has announced plans of his company Galaxy Digital in buying Canadian startup Coin Capital.
Coin Capital is one of the fastest growing Bitcoin and Altcoin mining companies.
Galaxy Digital’s cryptocurrency merchant bank claims to become the ‘Goldman Sachs of Crypto.’ According to public statements, it will have a fourfold business model which includes a cryptocurrency trading desk, investments in Blockchain startups and ICOs, and a complete package to prosperous clients for advisory and asset management services.
Novogratz brushed aside anti cryptocurrency comments from financial gurus like Warren Buffet by stating about the difference in opinion due to age, with older players being skeptical about cryptocurrency.
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