Mike Novogratz, founder and CEO of Galaxy Digital, called on investors to use a larger proportion of their portfolio to invest in cryptocurrencies.
In an interview with CNN reporter Julia Chatterley, Novogratz stated that he has “changed his previous view” that investors should spend approximately 1% of their net assets on investing in Bitcoin (BTC) and other cryptocurrencies. Just last November, the CEO also stated that people should invest up to 3% of their net assets in BTC and hold Bitcoin for 5 years.
Novogratz said: “I think new investors can invest 5% of their net assets in Bitcoin.” “Bitcoin will not return to zero, but of course it may return to $14,000. You may lose 30% to 40%, but There will be no loss of 80% to 90%.”
“You will see that every financial institution has to enter the crypto space.” Novogratz said, investing 5% of its net assets in Bitcoin. “We are at the beginning of the reconstruction of the infrastructure, the future US and global business will be built on this infrastructure.”-Julia Chatterley (jchatterleyCNN) December 8, 2020
Novogratz stated that the investment ratio he advocated was based on “Bitcoin’s stability” and added that Bitcoin as a store of value “performed its function as digital gold.” The CEO also stated that he believes that Bitcoin’s volatility will “reduce.”
It is estimated that the CEO’s net worth is 700 million US dollars. When Chatterley asked him to give an investment amount, Novogratz stated that he invested “approximately 50% of his net assets in cryptocurrencies.”
Novogratz also advocated investing at least part of his personal net assets in Ethereum (ETH) and stated that Ethereum is “risky.” He is not sure whether to invest in other altcoins. He stated that some of these tokens will have “great value” in the future, while others will not.
Novogratz is famous for promoting Bitcoin. In November, he predicted that the price of Bitcoin would “rise to $20,000 and then $65,000.”
