Michael Novogratz, avid cryptocurrency investor and renowned CEO of Galaxy Digital Capital, claims that the next three to twelve months could be incredibly bullish for Bitcoin investors. In fact, he is that confident in the future of the crypto ecosystem that he suggested it would be nearly irresponsible not to invest in the digital assets.
Naturally, the news was received with much optimism from the online community, particularly since Novogratz is a financial guru who has built an empire for himself. Previously known as a former hedge fund manager at Fortress Investment Group and a partner in Goldman Sachs, his net worth features a good 10% worth of cryptocurrencies.
Also, it wouldn’t be the first time that Novogratz has gone out into the world and advised the public about whether or not they should invest in Bitcoin. In fact, he repeatedly told CNN that each investor should spread at least 1% to 2% of their total portfolio in cryptocurrency.
Following his own advice, Novogratz’s Galaxy Digital joined hands, on May 9, Bloomberg Galaxy Crypto Index. To better put things into perspective, the index in question is designed to track ten cryptos, a bullish sign showing the growing interest in them. Notably, among the most popular digital assets, we have names such as Ethereum and Bitcoin, which account for around 30% each.
Overall, it appears that the billionaire is looking at the long-term advantages of cryptocurrencies, hence strongly advising investors to pursue cryptocurrencies until the end. Long-standing benefits include the application of blockchain, particularly in transactions –a fact which could have a significant impact in multiple industries.
What Does the Future Hold?
In an interview conducted with FOX Business on Friday, Novogratz stated that even big businesses are soon going to flood the crypto space. According to the entrepreneur, now is the time to become increasingly aggressive and bullish towards the digital asset market.
To further solidify this point, Novogratz also announced proposed plans of Galaxy Digital buying Canadian startup Coin Capital. For those not yet in the know, Coin Capital is one of the fastest growing Bitcoin mining companies; thus, the move appears as both bold and smart.
“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.”
All in all, Galaxy Digital’s cryptocurrency merchant bank claims to want to become the ‘Goldman Sachs of Crypto.’ If there would ever be anyone who would understand how that could be and what the next steps would be, it’s Novogratz.
The business model proposed by the billionaire include a strong cryptocurrency trading desk, investments in Blockchain startups and ICOs, along with a complete package designed for clients in advisory and asset management services.
At the same time, the entrepreneur seems content to brush aside any negative comments regarding cryptocurrencies, confident in their ability to sweep over the market and create a ripple never before seen. Novogratz concluded that financial gurus like Warren Buffet might have diverging opinions due to their age, as older players are skeptical about an entirely different concept that their generation might not well understand. Ouch.