Novogratz gives Bitcoin thumbs up

Mike Novogratz is a billionaire former hedge-fund manager. He has an extensive career working in the stock markets, having worked for thirteen years at Goldman Sachs, becoming a partner in 1998. While there, he was also involved in their Asian and Latin American operations. He later worked at Fortress Invetment Group and made his way onto the Forbes’ Billionaire list in 2007. He is a member of the Federal Reserve Bank of New York’s Investment Advisory Committee on Financial Markets. He is also part of Acumen Fund, a non-profit organisation devoted to providing economic solutions in the hope of ending poverty.

Novogratz gives Bitcoin thumbs up
Novogratz gives Bitcoin thumbs up

With all this in mind, it is encouraging for those of who are Bitcoin and crytocurrency fans that he has emerged as one of the most high profile cryptocurrency supporters as he recently revealed that 10% of his assets are tied up in investments related to Bitcoin and Ethereum.

Speaking last week at a forum held at the Harvard Business School of New York, Novogratz revealed the extent of his cryptocurrency investment and is reported as having referred to it as “the best investment of my life”. However, he later warned that “a bubble is likely” in the digital economy. Novogratz also mentioned how his attention was drawn to cryptocurrencies when he met the founder of Ethereum, Vitalik Buterin. While the exact extent of his current wealth is not publicly known, 10% of a billionaire’s wealth is not going to be small change, meaning that he as, at least, $100m invested between the two cryptocurrencies. Such a strong blessing from such a noteworthy investor is surely going to make others take notice and ask questions.

These encouraging words coming from such a high-profile source are sure to be music to the ears of all those involved in the flourishing cryptocurrency economy  as Novogratz’s endorsement comes hot on the heels of interesting developments for cryptocurrencies. In recent weeks, Bitcoin’s profile has been increased with news of legal recognition and acceptance in Japan as well as the Russian government annoucing a reversal on its official stance which could also legal recognition for the cryptocurrency in that country.

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