Billionaire Mike Novogratz Says It’s ‘Almost Irresponsible’ to Not Invest in Bitcoin 🚨 This article is 7 years old...
Billionaire Mike Novogratz Says It’s ‘Almost Irresponsible’ to Not Invest in Bitcoin
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Updated: Nov. 7, 2019 at 2:56 am UTC
Adam Jeffery | CNBC
An early proponent of cryptocurrency and one of the most well-known Bitcoin bulls, Mike Novogratz continues to tout the value of cryptocurrency and push institutional investors towards a new era of finance.
‘Almost Irresponsible’ to Not Invest in Bitcoin
A former portfolio manager for Fortress Investment Group and Partner at Goldman Sachs, Mike Novogratz has uniquely poised himself as an early cryptocurrency bull with an institutional investment background – bridging the gap between shifting sentiment regarding cryptocurrency investing today.
In a recent interview on CNN’s “Markets Now,” Novogratz shared his opinions on cryptocurrency investing by saying:
“It’s almost essential for every investor to have at least 1% to 2% of their portfolio.”
Reasoning his absolute perspective, Novogratz derives value from the burgeoning impact of cryptocurrencies’ underlying blockchain applications:
“…these technologies in two to four years are going to give every vertical a challenge.”
The arising integration of blockchain technology in industries across the board and around the world has set the stage for a future truly revolutionized by decentralized services and products.
Novogratz’s Contributions to the Cryptocurrency Effort
Earlier this month, Novogratz raised $250 million USD to launch a cryptocurrency merchant bank known as Galaxy Digital. The nascent investment firm will host a cryptocurrency trading desk, offer asset management and advising services, and invest in emerging blockchain projects – setting out to become the “Goldman Sachs of crypto.”
Most recently, Galaxy Digital and Bloomberg officially launched the Bloomberg Galaxy Crypto Index (BGCI), an index of the top 10 global cryptocurrencies weighted by market capitalization.
The BGCI partnership indicates radical shifts in institutional investor sentiment regarding cryptocurrency, as the market demands a better benchmark for an overview of value.
In a statement from Bloomberg, Alan Campbell, Global Product Manager for Bloomberg Indices stated:
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies… The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”
According to CNN, Novogratz has even predicted that the New York Stock Exchange will implement cryptocurrency trading desks within the next six months. This prediction falls in line with recent announcements that Goldman Sachs will be opening a bitcoin futures trading desk.
Still Early Days
Despite his optimism for the future of cryptocurrencies and mass adoption, Novogratz makes clear that the emerging markets are still young:
“We’re still really early in this revolution.”
To view the full interview with Mike Novogratz, please see this link (CNN).
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Michael Edward Novogratz, born on November 26, 1964, stands out as an iconic figure in the financial realm.
