Mike Novogratz and Bloomberg launch new crypto index

Bloomberg will own and operate the new Bloomberg Galaxy Crypto Index (BGCI), while Galaxy Digital Capital Management founded by investor and crypto enthusiast Mike Novogratz will co-brand the initiative.

The new index will track the performance of Bitcoin, Ethereum, Ripple, Monero and Zcash. Various parameters are combined when making a final assessment of any cryptocurrency from the list. Notably, popular Bitcoin Cash, DASH and Litecoin have not been included, although the list of digital assets might easily change overtime.

Mike Novogratz was relatively silent about the future of cryptocurrency since the beginning of the year, as he decided to focus on Galaxy Digital Capital Management - a vast cryptocurrency conglomerate and banking organization consisting of various companies. This is one of the first news in which Galaxy Digital is stepping out of the shadows and cooperates with a respected traditional organization. It’s likely that observers are going to see more messages regarding the fund of Mike Novogratz in the future.

The index itself will undoubtedly become as widely-used as Coinmarketcap, and the latter cannot boast with the support of the organization founded long before Bitcoin was invented. Interestingly, the position of Michael Bloomberg about Bitcoin didn’t seem to influence the corporate decisions, but they will only analyze the market while not conducting any trades which the prominent businessman may find satisfying. Meanwhile, the crypto market itself is on the rise, but only by several percents in comparison to what one could have witnessed yesterday.

Image courtesy of brockport.edu