Galaxy Digital founder and CEO Mike Novogratz is encouraging investors to spend a greater percentage of their wallets on crypto.
In an interview with CNN’s Julia Chatterley, Novogratz said he had “changed his voice” on earlier advice that investors should allocate about 1% of their net worth to Bitcoin (BTC) and other cryptocurrencies. The CEO said this in November people should invest up to 3% in BTC and HODL for five years.
“I think a new investor could put 5% into Bitcoin,” said Novogratz. “Bitcoin is not going back to zero […] It can certainly be traded back to $ 14,000 – you could lose 30-40%, but you won’t lose 80-90% of your money. “
“You will see every financial institution being forced into this space.”
“We are at the beginning of rebuilding the infrastructure on which US and global business will be conducted in the future.” pic.twitter.com/b0hdiQwrrG
– Julia Chatterley (@jchatterleyCNN) December 8, 2020
Novogratz said these numbers were based on the “stability surrounding Bitcoin,” adding that the currency “fulfilled its role as digital gold” with a store of value. The CEO also said he believes Bitcoin volatility will “come down.”
The Galaxy Digital CEO has an estimated net worth of $ 700 million. When Chatterley pressed him to put a number on his investments, Novogratz said his “total crypto exposure is probably 50%.”
Novogratz has also advocated putting at least some of a person’s net worth in Ether (ETH), saying the token “had a burst”. He hedged his bets on other altcoins, saying some would have “great value” in the future, while others wouldn’t.
Novogratz is known for its prominent Bitcoin plugs. In November he has predicted the price of Bitcoin would go “to 20K and then to 65K.”