Speaking to Maggie Lake on CNN Wednesday, billionaire bull and CEO of Galaxy Digital Capital Management Michael Novogratz, suggested that every investor should have 1% to 2% of their portfolio in cryptocurrency, declaring it ”almost irresponsible” not to.
”Challenging every verticle”
The reasoning behind Novogratz’ statements is not because of any potentially massive financial gains that cryptocurrencies might make, but because of the blockchain technology behind them. ”These technologies in two to four years are going to give every verticle a challenge,” said Novogratz, referring to blockchain.
Blockchain has been generally received with more widespread positivity than cryptocurrencies, particular from financial institutions and governments. The technology allows transactions to take place nearly instantaneously, recording all payment data from those using the service.
Even NASA recently gave its backing, utilizing the Ethereum blockchain in a project that would increase the efficiency and safety of deep space travel.
Another prediction provided by Novogratz outlined a vision that sees the New York Stock Exchange incorporating cryptocurrency trading within six months.
When Novogratz was questioned on acclaimed investor Warren Buffett’s recent critical comments that described Bitcoin as ”probably rat poison squared”, his response perfectly summed up the sentiment of many cryptocurrency enthusiasts. “In a lot of ways, this is a Millennial-led revolution… what I’ve found is guys with gray hair [are] much more skeptical,” he said.
More on Novogratz
Novogratz was also promoting the launch of his firm’s collaborative project with Bloomberg, the Bloomberg Galaxy Crypto Index. The cryptocurrency index was launched Wednesday and is currently tracking ten digital currencies including the main players Bitcoin and Ethereum.
His previous job roles include hedge fund management at Fortress Investment Group and a partnership with Goldman Sachs.
During the interview, he disclosed that 10% of his net worth was currently held in cryptocurrencies.
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