Billionaire investor Mike Novogratz reveals where he places his bets in the cryptocurrency investment. In a tweet dated Sept. 17, the Galaxy Digital founder and CEO mentioned that cryptocurrency makes up to 85% of his net wealth.
Novogratz Crypto Portfolio
Novogratz mentioned that 30% of his net worth is in cryptocurrencies in a recent interview with New York magazine. This percentages translate that crypto alone makes up to $5.3billion of his wealth. Novogratz has long been a cryptocurrency enthusiast, although he is a bit more selective with his picks.
According to Bloomberg Billionaires Index, Novogratz is worth around $6.25 billion. this makes him the 495th richest person in the world. Most of his wealth comes from his cryptocurrency-focused merchant bank (Galaxy).
In his reply to Chatterley CNN Anchor, he said that Bitcoin had become a form of digital gold, and it is now widely considered a hedge against the defacement of fiat currency.
There has been a massive influx of people wanting to get involved in this space. However, Cryptocurrency businesses like his are working at a fast pace, and they’re onboarding all the new accounts that come into their possession from various institutions.
In his opinion, in a Livestream chat with the Grammy-nominated artist Lil Yachty, Mike acknowledges that cryptocurrencies investments will make up to 2% of global wealth within two to five years. Most of his crypto craze is in two to cryptos, especially ETH.
Novogratz also thinks that Ether’s price will hike up to $5000. ETH has lately been receiving boosts from NFTs and DeFi, and he, like many analysts, expect ETH to surpass BTC.
What does Mike Novogratz Think about Ethereum (ETH) and NFTs?
According to Novogratz, NFTs are not going away any time soon. Novogratz thinks Ether’s price might jump 23% to hit the $5000 mark boosted by NFTs and DeFi. However, he, like many analysts, expect ETH to surpass BTC. However, he is still very confident in bitcoin and remains unwavering even though the top currency is not performing as expected.
ETH’s price is still lower compared to bitcoin but has maintained the long-term outlook for ETH buyers. Novogratz, in a tweet, calls ETH a “currency of culture”, with a Total Addressable Market being a mystery. He revealed that he is ready to own a lot of ETH, his reason being that ETH places itself as a use case platform for NFTs.
ETH’s price is growing, covering more than 330% in 2021, and many ETH buyers, including Novogratz, have at it has more miles to cover.
According to crypto traders and analysts, NFTs are the wave of ETH’s bull rally. Ethereums role in the future of NFT is very unquestionable. With the stable gs fees drooping to 54 gwei at writing, more NFT creators can profit from their masterpieces. Thus ethereum is sure to benefit alot.
It is unclear what the recent BTC and ETH will have on Novogratz Holdings. However, he is very enthusiastic about it. BTC is at $48,788, having risen from its recent crash. However, Novogratz puts all his bets on ETH