The Hedge Fund manager, who is starting a $500 million fund to invest in cryptocurrencies, has declared that he believes Bitcoin is most likely to win out over other digital currencies over time.
At a Coindesk-sponsored conference in New York, Novogratz said âI donât think many of these are currencies, even bitcoin,â before also stating that ââBitcoin will win the battle for store of Valueââ.
Novogratzâs Galaxy Digital Assets Fund would be the biggest of its kind at $500 million. This could signal an increasing acceptance of Digital Tokens as legitimate investments. This will be Novogratz comeback to money management since his losses at Fortress Investment Group LLC and a self-imposed expulsion from Wall Street for almost two years.
âNot everything can win, now it feels like it can because so much money is pouring in,â Novogratz said. âLitecoin doesnât add enough new stuff to replace bitcoin. it wonât survive as decentralized way to store wealth.â
MikeÂ Novogratz Image Source:Â cnbc.com