Yerevan (CoinChapter.com) — Galaxy Digital founder and CEO Mike Novogratz revealed that up to 85% of his net worth is now in cryptocurrencies.
Mike Novogratz is a billionaire investor active in the digital asset space and is one of the firmest believers in cryptocurrency. He does not hide his belief and admiration the bitcoin, very often making bold predictions about digital currency’s future. More than once, Novogratz has said that he sees Bitcoin reaching $100,000 by the end of 2021. According to the passionate believer in Bitcoin, the world’s largest cryptocurrency will touch the $500,000 mark by 2024.
In conversation with Bloomberg about the future of Bitcoin, Novogratz did not hold back from criticizing some of his counterparts in the investment world. Hitting back at the founder of DoubleLine Capital Jeffrey Gundlach and the Co-CEO of Elliott Management Paul Singer for their pessimism about Bitcoin, Novogratz was reluctant to mince his words.
“They are missing this paradigm change (by) not seeing what I am seeing. It is harder for old people to get it,” he said.
As of May 15, Novogratz is valued at $6.37 billion. Considering that he has admitted that up to 85% of his net worth is now in cryptocurrencies, his crypto value could potentially be US$ 5.4145 billion.
A Calculated Believer But Not an Orthodox Crypto Fan
Although Novogratz is one of the firmest believers and proponents of digital money, he is very selective in his approach to cryptocurrencies.
While Novogratz may have no second thoughts about investing in Bitcoin and Etherium, he is more cautious about other cryptocurrencies. He even went as far as referring to the recent hike in Dogecoin’s popularity and prices as “bizarre.” According to him, while Bitcoin is fast becoming an institutional asset, the fundamental value of Dogecoin is still unknown.
The Bloomberg-listed Billionaire even has some advice for investors willing to risk it all in the crypto space.
“This wild acceleration that we’re seeing, where things are up 30 times, 40 times, 100 times, that’s not normal. Be prudent, take some chips and buy yourself a house if you can afford it, or a car, or at least a nice new jacket. You know, take some of those profits and put them into some joyful things.” he was quoted saying.
In what comes as an indicator of a further rise in his crypto wealth, Novogratz predicted Ether, Ethereum’s cryptocurrency, can surge another 23% in the days to come.
Yerevan-based Editor and writer focusing on topics about politics and international relations. Having completed his Bachelors and Masters degrees from Delhi's Jawaharlal Nehru University, he currently works as a Projects Coordinator at Indo-Armenian Friendship NGO and the Indian Cultural Centre, Armenia. He regularly writes articles for Armenian media platforms and is the English language Editor of Keghart, a reputed Armenian Diaspora news platform based in Canada. As a young activist, he was awarded "The Best Active Youth International Award" by the Afghanistan Youth Parliament. He is also the Media in charge of the Youth Wing of Bright Armenia Party, the third-largest political party in the Armenian Parliament.
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