Mike Novogratz: 50% of my net worth is invested in crypto
According to Galaxy Digital’s CEO, a new investor would do well to allocate 5% of its assets to Bitcoin
Galaxy Digital’s founder and CEO, Mike Novogratz, is encouraging investors to dedicate an increasing percentage of their portfolios to crypto assets.
In an interview with CNN’s Julia Chatterley today, Novogratz said he „changed his mind“ about the previous advice he gave by Bitcoin Profit to speculators, namely to dedicate about 1% of their equity to Bitcoin (BTC) and other crypto assets. The entrepreneur said in November that people should invest up to 3% of their assets in BTC and HODLare for five years.
However, it seems that Novogratz has changed its mind:
„I think a new investor should invest 5% in Bitcoin. BTC will not go back to zero. […] It could certainly go back to $14,000, you could lose 30-40%, but you won’t lose 80-90% of your money“.
„Every financial institution in the world will be forced to enter this sector. Invest 5% of your net worth in #bitcoin, says @novogratz
We are at the beginning of the reconstruction phase of the infrastructure of the future, on which all companies, American and non-American, will be based“.
„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 stated that these numbers are based on the „stability surrounding the Bitcoin“, adding that the coin is „playing its role as digital gold“. The manager also said that in his opinion the volatility of Bitcoin „will decrease“.
The CEO of Galaxy Digital has an estimated net worth of $700 million
When Chatterley put him under pressure to find out about the figures he actually invested, Novogratz revealed that his „overall exposure to crypto is probably 50 per cent.
Novogratz says it is in favour of investing at least part of its assets in Ether (ETH), while saying that the token has some „element of risk“. Moreover, in the past it has also purchased other altcoins: the price of some of them has increased significantly, while that of others has not.
Novogratz is well known for its optimistic statements on BTC: in November, it predicted that the price of Bitcoin would reach „20,000 and then $65,000“.