Ever questioned how a lot cryptocurrency Wall Avenue veteran Mike Novogratz owns (or no less than owned)?
In a current podcast, he lately answered this query and likewise revealed his ideas concerning the Bitcoin and broader crypto market.
How a lot Bitcoin and Ethereum did Mike Novogratz purchase?
Mike Novogratz grew to become one of many earliest Wall Avenue supporters of Bitcoin and Ethereum in 2013 and 2014. The previous Goldman Sachs companion and ex-fund supervisor at Fortress lately sat down with Nugget’s Information, a long-standing crypto and finance Youtube channel, to speak about his origin story.
In the course of the hour-long interview, Novogratz disclosed his private cryptocurrency holdings, or no less than what they as soon as had been.
Alongside buyers like Dan Morehead of Pantera Capital, Novogratz bought round 30,001 BTC, now valued at $480 million, when the coin was buying and selling round $100. He mentioned he bought most cash on the best way up, although nonetheless holds some to at the present time.
Talking about Ethereum, he mentioned that he purchased the cryptocurrency from the mission’s founder, Vitalik Buterin. In an over-the-counter transaction, Novogratz bought 500,000 ETH from Buterin at $0.99 every. Novogratz joked that Buterin elevated the value on him by one cent per coin as a result of he was too sluggish to purchase.
Whereas that 500,000 ETH would have been price $230 million now and $725 million at ETH’s all-time excessive, the Wall Avenue investor admitted that he bought many on the best way up.
Novogratz particularly referred to as again to at least one time he gave a speech when ETH was at $80 and advised the gang that they shouldn’t see a trending asset, then proceeded to promote the coin a day later at $130.
He didn’t disclose how a lot Bitcoin and Ethereum he owns at the moment however has acknowledged on quite a few events that he has no less than 25 % of his web price in liquid cryptocurrencies. Because the CEO of Galaxy Digital, a crypto service provider financial institution, he additionally has publicity to the area by means of fairness and profession danger.
The significance of Stan Druckenmiller’s Bitcoin purchase
A sizeable portion of the podcast was devoted to the information that Wall Avenue investor Stanley Druckenmiller had purchased Bitcoin.
A pal of Druckenmiller, Novogratz mentioned that he thinks his peer’s endorsement of Bitcoin is probably going one of many largest tales of this area in a long-time. The investor branded Druckenmiller possible one of the best investor of the previous 5 a long time, commenting on his 30-year observe document of no losses for his buyers.
Novogratz made comparable feedback when one other billionaire investor, Paul Tudor Jones, made an identical endorsement in Might.
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