Mike Novogratz: 50 percent of his assets invested in Bitcoin
„I think a new investor can easily invest 5 percent in Bitcoin. Bitcoin will not fall back to zero.“
Galaxy Digital founder and CEO Mike Novogratz encourages investors to invest a larger percentage of their portfolios in crypto.
In an interview with CNN spokeswoman Julia Chatterley today, Novogratz said he „changed his mind“ after previously advising investors to invest approximately 1 percent of their net assets in Bitcoin (BTC) and by Profit Revolution other crypto currencies. The CEO stated only in November that they should invest up to 3 percent in BTC and HODLen for five years.
„I think a new investor could invest 5 percent in Bitcoin,“ Novogratz said. „Bitcoin is not going back to zero. It could certainly go back to $14,000 and you could lose 30-40 percent, but you don’t lose 80-90 percent of your money“.
„You’re going to see every single financial institution forced into this space.“
Invest 5% of your net worth in #bitcoin says @novogratz.
„We’re at the beginning innings of rebuilding the infrastructure that American & global business will be done on in the future.“ pic.twitter.com/b0hdiQwrrG
– Julia Chatterley (@jchatterleyCNN) December 8, 2020
Novogratz said these figures were based on the „stability surrounding Bitcoin“. He added that, as a store of value, coin „fulfils its role as digital gold“. The CEO also said he believed that Bitcoin’s volatility would „decrease“.
The CEO of Galaxy Digital has estimated net assets of $700 million
When Chatterley asked him to disclose precise figures on his investments, Novogratz said that his „crypto investment is likely to be 50 percent in total.
Novogratz also pleaded for at least part of his net assets to be invested in ether (ETH). He said that The Coin had „the flair of an object of speculation“. He also had other Altcoins in mind and said that some would be „worth a lot“ in the future, while others would not.
Novogratz is known for his Bitcoin optimism. In November, he predicted that the Bitcoin price would rise „to 20,000 and then to $65,000“.