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 “I don’t think many of these are currencies, even bitcoin,” before also stating that ‘’Bitcoin will win the battle for store of Value’’.
Novogratz’s 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.
“Not everything can win, now it feels like it can because so much money is pouring in,” Novogratz said. “Litecoin doesn’t add enough new stuff to replace bitcoin. it won’t survive as decentralized way to store wealth.”
Mike Novogratz Image Source: cnbc.com