Mike Novoragtz insists on the need to invest in Bitcoin

Mike Novoragtz insists on the need to invest in Bitcoin
May 13, 2018 by Rico Wise

Billionaire Michael Novogratz, founder and CEO of Galaxy Digital Capital Management, a known Bitcoin bull, claims that all investors should have at least 1-2 percent of their portfolios in digital currency. To quote Novogratz himself, not doing so is “almost rresponsible”.

Recently, on Wednesday, Mike Novogratz’s company and Bloomberg have launched the Bloomberg Galaxy Crypto Index, which monitors 10 digital currencies, among which, of course, are Bitcoin and Ethereum.

Novogratz believes that cryptocurrency investments are important not for the reason of anticipated profit but because the blockchain technology is going to challenge every possible vertical, as it enables businesses and enterprises to perform near immediate transactions.

Even though the decentralized iteration of Uber may not be that uber yet, it is going to be a challenge and it manifests a real proposition of value, according to Novogratz.

Being a former hedge fund manager at Fortress Investment Group and Goldman Sachs associate, Novogratz claimed to have invested 10 percent of his net worth in digital currencies.

Meanwhile, mainstream solutions for financing are discovering ways to enable conventional investors to benefit from Bitcoin as well. Last month, Nasdaq entered into an agreement with Gemini Trust, a digital currency exchange.

The only issue that remains unsolved is how governments are planning to regulate digital currency.

Novogratz predicts that within 6 months the New York Stock Exchange will start actively trading in digital currency.