Novogratz Set to Launch Galaxy Digital Own Bitcoin Funds

Michael Novogratz, the CEO Galaxy Digital Holding is getting ready to release two bitcoin funds that are aimed towards accredited and institutional investors. These investors will have been waiting on the sidelines for a cheap and secure service way to access the pioneer cryptocurrency for a long time now. At the end of 2017, we saw a lot more people enter the market who probably never even heard of cryptocurrency and get involved with the space.

Bitcoin Funds

Novogratz announced that he would be starting two different bitcoin funds including the Galaxy Bitcoin Fund and Galaxy Institutional Bitcoin Fund. these will both focus at bringing “the wealth of America” into the cryptocurrency industry. 

The Galaxy Digital CEO says that the new wave of capital that will flow into the crypto market is mostly going to be coming from institutional investors.

He said:

“You also get more credentialed people — there are probably 20 billionaires I could name that made their money outside of crypto and are in crypto now. It’s not a stampede by any stretch, but people are all doing their work. The next wave will come from the wealth advisers, maybe with endowments and small foundations participating.”

The Galaxy Bitcoin Fund will require an investment of at least $25k.

Novogratz is planning to attract institutional investors between the ages of 50 and 80 by offering a “secure service [with] low fees [and] simple access to bitcoin”

Novogratz finished off saying:

“Galaxy continues to have high conviction in bitcoin and has made significant strides in helping to bring a more institutionalized footprint to the digital asset ecosystem. We believe this effort is an important step forward in fulfilling this mission.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!