[2017-11-15] Billionaire Bull Novogratz: Big Money is Coming to Bitcoin, Real...

[cybersofts]

Billionaire Bull Novogratz: Big Money is Coming to Bitcoin, Real Soon

The former hedge fund manager of Fortress Investment Group believes that institutional investors will adopt bitcoin in the next six months.

Mike Novogratz, a retired Wall Street macro fund manager, firmly believes that financial companies will start offering bitcoin as an investment option. So much so, that he thinks it will be as simple as ordering over the phone, reports CNBC.

Speaking at the Reuters Global 2018 Investment Outlook Summit in New York, Novogratz, who owns 10 percent of his net worth in bitcoin and ethereum, said:

    "When it’s that easy, the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think".

Novogratz, who is chief executive of Galaxy Investment Partners, a firm that bets on cryptocurrencies, claimed last month that Jamie Dimon, JPMorgan Chase CEO, was a ‘rent-taker‘ and that he’s going to lose the fight against cryptocurrencies.

At the time, Novogratz was speaking out against Dimon’s ‘bitcoin is a fraud’ remark, stating that as a banker Dimon had no choice, but to belittle the digital currency. Yet, despite critics voicing their opinions about the market, the former hedge fund manager’s confidence with the cryptocurrency remains. So much so, that in October he was reported as saying that it would reach $10,000 in six to 10 months, claiming that institutional investors had already begun investing in bitcoin.

However, while he believes that financial institutions will accept bitcoin in the next six months he failed to name any specific company, adding:

    "The institutionalization of this space is coming. It’s coming pretty quick".

During bitcoin’s recent fall in value, which saw it drop to $5,500, Novogratz is reported to have bought $15 million to $20 million worth of the digital currency. One of his regrets was not purchasing more cryptocurrencies before when prices fell. He is now focused on creating what he hopes will be the biggest crypto-hedge fund.

In September, Bloomberg reported that Novogratz started his own $500 million crypto-hedge fund to invest in digital currencies, ICOs and related companies. He is putting $150 million of his own money toward the fund and is planning on raising the remaining $350 million by January.

Such is his support toward the digital currency market that Novogratz firmly believes that in five years the combined market value of all cryptocurrencies will be worth $5 trillion. However, for this to happen companies have to develop business principles that satisfy regulators. At the time of publishing it’s worth over $206 billion.


Source: https://www.cryptocoinsnews.com/billionaire-bull-novogratz-big-money-is-coming-to-bitcoin-real-soon/

[marckenigsberg]

The more that wealthy individuals believe in bitcoin and put their money in the more stability it gives to price.
And the more coverage there is about them doing it the more it entices institutional money to enter.
And when that happens price will move quickly. Really quickly

[CryptoBry]

During bitcoin’s recent fall in value, which saw it drop to $5,500, Novogratz is reported to have bought $15 million to $20 million worth of the digital currency. One of his regrets was not purchasing more cryptocurrencies before when prices fell. He is now focused on creating what he hopes will be the biggest crypto-hedge fund.

This is the advantage of someone who has the money to buy Bitcoin and has the vision of where is Bitcoin headed based on the long-term view and ignoring the dramatic twists and turns happening at the present. You see, wealthy people who know the investment value of something are looking for the perfect timing and the timing is when the price is at its dip. I am sure the guy is now smiling because in just matter of days the value has already started picking up while the rest of us small holders are getting nervous watching the screen as Bitcoin made some 'crashes'. This is the kind of mindset we should be displaying.

[fisheater]

This is nice, with big investor coming, and wider adoption, bitcoin will skyrocket...

[ivanpoldark]

Thank goodness we are having such Bitcoin proponent like Mike Novogratz, Calvin Ayre, Tim Draper and other big sharks. Mike`s predictions are fairly accurate, he told that bitcoin will surge to 10 000 by the end of the year, and it almost reached it.

[Samarkand]

Thank goodness we are having such Bitcoin proponent like Mike Novogratz, Calvin Ayre, Tim Draper and other big sharks. Mike`s predictions are fairly accurate, he told that bitcoin will surge to 10 000 by the end of the year, and it almost reached it.

I´m not really sure if Calvin Ayre is a beneficial thing for Bitcoin. He has been a vocal supporter of Bitcoin Cash and
is involved in one of the few big gambling sites that actually accept BCH deposits.

Here are some articles that summarize his claims regarding Bitcoin Cash:
https://news.bitcoin.com/calvin-ayre-declares-bitcoin-cash-the-only-bitcoin/
http://www.newsbtc.com/2017/10/19/calvin-ayre-bitcoin-cash-closely-resembles-bitcoin-sparked-entire-digital-currency-boom/

[Basmic]

I never paid attention to such news. For me it does not matter he will invest his millions in bitcoin or it will do other millionaires. Bitcoin will grow. It seems to me that those people who now bought bitcoin in cash and I hope that it will rise in price wrong. Now the capital would be repaid in bitcoin and the price of this coin will collapse.

[Theb]

I do not think that it will go well for the investors, usually this kinds of methods were you let a fund manager handle your money it will most likely limit your approach when it comes to holding your position for Bitcoin the fund manager will most likely exit when it reach a certain growth which will hinder you from earning more, the sad part about this is the loss is not always controlled as good as the gain. You be better of trading on your own for you to earn the most the downside to it is you will most likely risk your money more.

[Ossidalm]

This is nice, with big investor coming, and wider adoption, bitcoin will skyrocket...

I am very glad I bought a few bitcoins last week.

[Kprawn]

Billionaire Bull Novogratz: Big Money is Coming to Bitcoin, Real Soon


During bitcoin’s recent fall in value, which saw it drop to $5,500, Novogratz is reported to have bought $15 million to $20 million worth of the digital currency. One of his regrets was not purchasing more cryptocurrencies before when prices fell. He is now focused on creating what he hopes will be the biggest crypto-hedge fund.

In September, Bloomberg reported that Novogratz started his own $500 million crypto-hedge fund to invest in digital currencies, ICOs and related companies. He is putting $150 million of his own money toward the fund and is planning on raising the remaining $350 million by January.


Source: https://www.cryptocoinsnews.com/billionaire-bull-novogratz-big-money-is-coming-to-bitcoin-real-soon/

This makes him biased in his opinion, because most people will say that he is pumping/hyping the technology to get other

people exited so that he can make bigger profits when the price increase. I would get exited when someone like Jamie

Dimon or Warren Buffet {people who are negative towards BTC} comments positive on Bitcoin. 

[audaciousbeing]

The more that wealthy individuals believe in bitcoin and put their money in the more stability it gives to price.
And the more coverage there is about them doing it the more it entices institutional money to enter.
And when that happens price will move quickly. Really quickly

Bringing in money into bitcoin does not necessary ,mean he wants to buy bitcoin if you ask me. It could be financing a project that have to do with blockchain therefore bitcoin. I agree with the part that it brings stability to the market because it then means that a lot of other investors can begin to trust bitcoin as something worthwhile to put money into.

However, there would also be some concerns in some quarters because of the amount of money coming in from that end which means that he will then have a form of controlling power. Already, there have been some discussions whether conspiracy or not about how some money bags are controlling the market and determine the direction of price but now with him coming in with such amount of money, then calling the shots is not far fetched because every billionaire is a capitalist.

[Proton2233]

I like when increasing the capitalization of bitcoin but not in this case. What good is that another kit will put a lot of money and buy bitcoin. It now will lead to higher prices but in the future when his head comes the idea to invest the money into something else we will be faced with the next dump. I am advocating that all the coins were in the hands of ordinary users.

[richardsNY]

The more that wealthy individuals believe in bitcoin and put their money in the more stability it gives to price.

Not necessarily. Bitcoin's market will always be subject to heavy fluctuations, and that will continue as long as there isn't anything changing in the way people are allowed to trade Bitcoin. If we look at various other markets, they have all kinds of security measures in place to not allow the market to sink deeper than 10% for example within a certain time frame, which will then result in a temporary halt of the market. What also can happen, is that institutions will squeeze out this market like how Chinese flash traders did it with Bitcoin before the PBOC sanctions. We care about Bitcoin, but that's not the case for institutions and other wealthy individuals -- for them it's nothing more than a money making opportunity.

[Darklinkz]

This statement really makes me convince that bitcoin will not only reach $10k next year but could blow up to $100k. I feel so excited what's going to happen next year and I hope that it will also bring luck to my altcoins.

[1Referee]

for them it's nothing more than a money making opportunity.

We can't exactly blame them for that. We just have to accept that Bitcoin's massive upwards potential attracts all sorts of speculators, and insitutions out to ride the "hype" are definitely not an exception. One way or another, this entire market thrives on the price going up continously, and for that reason Bitcoin will remain a speculative investment asset for quite a long time. It outperforms each and every traditional asset by a great distance, and that's something people and institutions can't ignore anymore. Why pump money into something that yields you just a few percent annually, while something like Bitcoin allows you to potentially generate returns that are tens of times higher than what you would get usually?