en
Back to the list

Billionaire Mike Novogratz Says 85% of His Net Worth Is in Crypto, Expects $ETH 'To Go a Lot Higher' | Cryptoglobe

source-logo  cryptoglobe.com 14 May 2021 02:22, UTC

In a recent interview with New York Magazine, Billionaire investor Mike Novogratz, said that 85% of his net worth is currently in cryptoassets.

Former hedge fund manager Novogratz is the Founder and CEO of Galaxy Digital, “a diversified financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sector.”

Below are a few highlights from that interview.

Future Potential Acquisitions for Galaxy Digital

I do think bigger is better going forward for a bunch of different reasons. Something really cool for us crypto nerds happened in the last six months, like we went from hoping to be an asset class to being an institutional asset class like that. That means that if you’re not long, you’re short.

Ethereum ($ETH)

I think we saw something really awesome in the last few months… We already had payments and stable coins that really kind of gave ether the kick last year. But then all of a sudden, you have decentralized finance and NFTs both on Ethereum at the same time roughly, with wild accelerating growth…. Listen, all markets correct; almost 100 percent certainty it will happen — it’s just the math… And listen, ether looks likely to go a lot higher now.

His Net Worth

Like anybody in crypto, the last five months have kind of rocked our worlds in terms of what percentage of our net worth is in crypto. And I think I’m up to 85 percent in crypto… And I think people should understand that it’s not going to keep happening over and over. Like this idea that we’ve gone from not-an-asset-class to an asset class only can happen once.

Non-Fungible Tokens (NFTs)

I bid on a bunch and I keep missing out on these auctions. Not the Beeple one, but I did bid on the Urs Fischer. Urs, he’s an awesome artist. I’ve been trying to buy one of his sculptures for a whole lot of money and the NFT seemed cheap… I find this to be a fascinating space — I think it’s going to revolutionize the way we think about IP, about creativity, about engagement.

On March 15, Novogratz was asked during an interview on CNBC’s “Squawk Box” by co-anchor Andrew Ross Sorkin if there is a point that Bitcoin’s price will reach after which it won’t be able to continue going up by huge percentages like it could when the price was under $5,000

Novogratz replied:

Listen, the law of large numbers kicks in and it gets harder for it to go higher. Listen, in the long run, we’re in this once in a lifetime secular shift, where we had something that wasn’t an asset class that’s becoming an asset class. So, every insurance company and pension fund and endowment money manager needs to get something on the books, and so that’s why we’re having this kind of one-off secular shift.

I think after that Bitcoin will literally be like a report card for how citizens think the government is doing managing their finances…

Bitcoin is a digital store of wealth, and so in some ways if people think Powell and Yellen really have got it together and they’re gonna be able to land this giant supertanker — grow us at full employment and not have high high inflation, people will stop moving into Bitcoin, but right now people are saying ‘hey there’s a chance that this supertanker crashes.’

"#Bitcoin will literally be like a report card for how citizens think the government is doing managing their finances," says @Novogratz. "We are in uncharted territories on how much money we are printing and Bitcoin is a report card on that." https://t.co/pNt70VJQT2 pic.twitter.com/kGedDasAwK

— CNBC (@CNBC) March 15, 2021

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

cryptoglobe.com