Billionaire investor Mike Novogratz has said that he is holding ten percent of his net worth in digital currencies such as Bitcoin and Ether.
Speaking at a recent forum held at the Harvard Business School Club of New York, Novogratz, who is a former hedge fund manager at Fortress Investment Group and a Goldman Sachs partner, made the Forbes billionaire list in 2008.
According to a report from CNN Money, during his talk, Novogratz declined to disclose how much his net worth was, but said that investing in the digital currency space, was:
The best investment of my life.
Just this year alone, bitcoin has had a rollercoaster ride that has seen its price rise to a high of $1,350 at the beginning of March and then drop below $1,000 after the SEC’s ETF rejection before steadily picking itself up again to trade around the $1,200 today. Certainly not an investment choice for the fainted hearted, the digital currency space is surpassing most people’s expectations and appears to be continuing its upward trend.
So much so, that Novogratz is of the opinion that the price of Bitcoin could increase to as high as $2,000. He’s not the only one, though, who is projecting high prices for the currency. Bobby Lee, BTCC’s co-founder and CEO, predicted late February that Bitcoin could increase to between $5,000 and $11,000 by 2020, after the block reward halving.
However, while Novogratz seems happy with his investments in Bitcoin, he added during his talk that there could be ‘a bubble’ in digital currencies. One way that he is avoiding any potential pitfalls is by also investing in the second largest digital currency, Ether.
When the billionaire initially invested in Ethereum, it was worth around $1; today, its price has risen to just under $50.
When Novogratz was still at Fortress Investment Group, he helped the company invest in bitcoin.
However, since leaving at the end of 2015, the former hedge fund manager has been showing a keen interest in Bitcoin’s rival cryptocurrency, Ether, which has attracted a large following who are keen for its value to rise.
For those who can, it appears as though investing in the digital currency space is becoming a viable method to make some money.
How long it remains is to be seen, but while it’s important to know when to invest in the currency, it’s just as important to know when to sell too.
Featured image from YouTube/WallStreetWeek.
Op-Ed: Formally Submitted Comments to the SEC to Approve the Ethereum ETF
“We assembled here today are issuing a new decree to be heard in every city, in every foreign capital, and in every hall of power. From this day forward, a new vision will govern our land… we must thi
Victim of Brazilian Bitcoin Ransom Kidnapping Plot Rescued
A 32-year-old Brazilian woman was recently rescued by the Civil Police on the east side of São Paulo, Brazil. The woman, married to a bitcoin businessman, was kidnapped in Florianopolis on Wednesday.
Results of IBM-Kinno ‘Blockchain in Logistics’ Project to Be Revealed in June
BlockShow Europe 2017 organized by Cointelegraph Events in Munich in the first week of April has showcased a number of established Blockchain solutions for various industries, not limited to finance
Ethereum Developer Denies Filing Complaint Against Ethereum Classic Trust
Jeffrey Wilcke, the co-founder and developer of Ethereum, denied his connection with a complaint submitted to the SEC in regard to Grayscale’s newly launched Ethereum Classic Investment Trust. As
Bitmain Claims Antbleed Had No Malicious Intent, Does it Really Matter for Bitcoin Miners?
Bitmain was caught up in a controversy surrounding its recent patch on its open source codebase. The Bitcoin community harshly criticized Bitmain for developing malware which has the potential to
Is Bitcoin a Great Hedge Against Struggling Debt-Based Economies?
The US is known to the vast majority of the world as the global financial and economic powerhouse. Yet, the US holds the largest amount of external debt at $19.9 trillion. The UK, France and Germany f
Having $5 Mln Seized by Police, OneCoin Begins to Threaten German Journalists
After having $5 mln seized by local law enforcement agencies and police in Germany and India, operators of OneCoin have become more alert. The organization began to target German journalists
82,000 Unconfirmed Bitcoin Transactions in a Day, Necessity of Proportional Fees Obvious
On April 29, the Bitcoin mempool, the holding area for unconfirmed and pending transactions, recorded more than 82,000 transactions. Most transactions were delayed for up to 48 hours. When a