Mike Novogratz, the former Goldman Sachs partner and former hedge fund manager, is one of the most well-known proponents of digital currencies.
He recently sat for an interview with Bloomberg, detailing his journey in the crypto sphere and telling the world why he is still bullish on digital currencies. Novogratz was one of the people who successfully predicted that Bitcoin would climb to $10,000 and continue moving forward.
The Poster Boy for Digital Coins
Novogratz said that he had several great calls for some time but then went from being the “pretty face of crypto” to the “ugly face.” He said that he went into the digital currency market thinking that he could hedge his portfolio.
He noted that in a market like crypto, one could lose again and again. He noted that one could buy Ether at $400, because it fell from $1,300, but then again it drops down to $100, increasing the losses. He said that while he hasn’t done too bad, his portfolio is still down.
He said that he thought that Bitcoin would hold at the $6,200 level, which it did for about four months before Bitcoin Cash forked and created a ruckus in the market. When asked why he became an early investor in Bitcoin, Novogratz said:
“It was macro markets on steroids. I’d never seen something go parabolic on a log chart before. I was thinking, my God, this is the single craziest chart ever.”
Is Mike Novogratz Following the Crypto Cult?
When asked whether he follows the crypto community religiously, Novogratz said that he believes in the underlying technology but sells when “prices get stupid.” He noted that several of his friends couldn’t let go of crypto. At one point people would come to take selfies with him in the street, which he said was unusual and helped him realize the market must be near the top.
Mike also suggests that the ICO market is dead, saying that there was a lot of hype and fraud in the market making people lose money.
He said that he believes that Bitcoin is becoming digital gold with some of the smartest people in the world investing in this thinking it is a store of value. Talking about his business at Galaxy Digital, he said that he could break even next year and maybe make a profit.
He also spoke about the crypto mania that drove the Bitcoin price to all-time highs:
“The audience is more sober now—the drug is gone. If anything, we’re on the other side, at the stage where there’s the pessimism, and the fear, and the ‘Oh my God, it’s going to zero.”’ But it’s not going to zero. We’re at the methadone clinic.”
Galaxy Digital’s Mike Novogratz Narrates His Crypto Journey, Says He Is Still Bullish was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.