[2017-09-26] Ex-Fortress Billionaire: Crypto Market Will Be 'Largest Bubble of O

[Terraformer]

Ex-Fortress Billionaire: Crypto Market Will Be 'Largest Bubble of Our Lifetimes'

A former principal at Fortress Investment Group is reportedly moving to establish a $500 million hedge fund focused on cryptocurrency and blockchain.

Bloomberg News, citing a source with knowledge of the plans, reports that Mike Novogratz is investing $150 million of his own, with an additional $350 million expected to be raised from outside sources by the end of 2017. Novogratz opted not to confirm or deny his plans when asked directly, according to the outlet.

If true, the initiative would represent the billionaire hedge funder's most aggressive move in the space to date. Novogratz previously made headlines earlier this year when he revealed that 10% of his net worth has been invested in bitcoin and ethereum. Speaking with Bloomberg, Novograts said that his stake in the market has since grown.

Even if he isn't setting aside funds to back a cryptocurrency-specific hedge fund, Novogratz made it clear that he intends to take part in what he called "the largest bubble of our lifetimes."

He told Bloomberg:

    "This is going to be the largest bubble of our lifetimes. Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it."

https://www.coindesk.com/ex-fortress-billionaire-crypto-market-will-largest-bubble-lifetimes/

[iamTom123]

I assumed that he would be talking negatively about Bitcoin and cryptocurrency when describing them as "bubbles" but he is referring to the big and very dramatic growth ahead for cryptocurrency and he could be right. Although cryptocurrency already experienced growth of immense proportions this is just actually the tip of the iceberg as there would be more. Having said that, it does not that it would be a walk-in-the-park kind of thing as there would always be birth pains especially in a revolutionizing thing like Bitcoin and the blockchain technology. Things are poised to get better especially in 2018.

[FrueGreads]

I don't think these are necessarily good news to the bitcoin community. I must say that although I want the price to go up, I really would like that the people that are buying bitcoin would believe on it' value and utility, and don't only see it as a bubble or a way to make money. If the majority of guy who have bitcoin are those kinds of people, then they will just continue to play with it, and the volatility will probably never stop. If it doesn't stop, then it ill be hard to actually use BTC to buy things, and keep it as a alternative currency.
I will continue holding mine, and I want the price to go up, and seeing these rich guys moving in is good, but it also scares me a bit.

[CyberKuro]

If he has told the truth about the investment to be put into bitcoin, we may see another surge by the end of this year.
But the question is; whether $500 could influence the market to do so or vice versa, cause another massive sell-off.
Bitcoin is a bubble that will not pop, unless there is something big happen as the most of the bitcoin crashes always coincide with speculative run-ups coupled with some bad news, such as a major hack or a government crackdown. Many people may be involved to sell-off, if bitcoin price seems will be crash due to something big will happen.

[Kemarit]

I assumed that he would be talking negatively about Bitcoin and cryptocurrency when describing them as "bubbles" but he is referring to the big and very dramatic growth ahead for cryptocurrency and he could be right. Although cryptocurrency already experienced growth of immense proportions this is just actually the tip of the iceberg as there would be more. Having said that, it does not that it would be a walk-in-the-park kind of thing as there would always be birth pains especially in a revolutionizing thing like Bitcoin and the blockchain technology. Things are poised to get better especially in 2018.

That title looks like its another negative news, but reading through it, I was not surprised that Mike Novogratz, talking about bitcoin the way he wanted it, very bullish. The bubble here does not connote negativity but rather telling people to get into the bandwagon before its too late. And that's why I also believed that bitcoin market has now starting to become the playground of billionaires and setting their own rules. Yeah, it wouldn't be easy road, and we may experienced more bumps along the way but we are remain intact whatever happens in the future. Whether "bubble" or not.

[Lieldoryn]

All cryptocurrencies have the signs of a bubble. Someday it will burst. In order to avoid this needs to occur crypto economy. If there will be a production that fully exploits for its own purposes bitcoin and to buy their products will only be possible with cryptocurrency this is the first step to build the crypto economy and we will begin to move away from the bladder.

[Wekkel]

Like was said: you will want to 'own' this bubble. Just get out when things get ridiculous.

And on the larger time frame, the bubble will come and go but meanwhile critical cryptocurrency infrastructure will be build. This is not going away soon.

[1Referee]

All cryptocurrencies have the signs of a bubble. Someday it will burst.

The only moment this "bubble" will burst is when crypto in general has been deemed obsolete by whatever newer technology/tool, and its demand plummets to the absolute bottom. Great thing about Bitcoin is that it can be updated throughout the years in order to allow itself to cope with the increased demand, and the need for whatever other features being built on top of this protocol - Lightning Network is a great example. People should see the difference between a bubble that is growing larger purely because of greed, and a tool that increases in value due to legitimate demand. I am as bullish as ever, and I am quite sure that we'll see this market grow to far higher levels than people think is possible right now.