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Michael Novogratz encourages traders to invest more in bitcoin and crypto

Michael Novogratz encourages traders to invest more in bitcoin and crypto

Quick take

1 minute read

  • Michael Novogratz has encouraged investors to dedicate a bigger percentage of their investment portfolios to crypto assets.
  • Highlighting in an interview, the well-known bitcoin advocate had “a changed his tune“ on his previous advice that investors should put around 1% of the net worth into bitcoin or another crypto asset.

Speaking in an interview on CNN with Julia Chatterley, the CEO and founder of Galaxy digital, Michael Novogratz has encouraged investors to dedicate a bigger percentage of their investment portfolios to crypto assets.

Highlighting in the interview, the well-known bitcoin advocate had “a changed his tune“ on his previous advice that investors should put around 1% of the net worth into bitcoin or another crypto asset. Now, he is encouraging people to put up to 5% of the wealth into the industry!

He further said:

“I think a new investor could put 5% into Bitcoin. Bitcoin’s not going back to zero… It could certainly trade back to $14,000 — you could lose 30-40%, but you’re not losing 80-90% of your money.”

Now, despite Novogratz being a long time investor and advocate for the industry, it doesn’t mean that you should go headfirst into the world of crypto. 

Investing in a cryptocurrency can be risky so it’s always worth doing your own research before putting your money into an asset. It’s also worth noting that we are not financial advisors and this is not financial advice.

The CEO went on to say that bitcoin is fulfilling its role as “digital gold”, a term that has been thrown about a lot over the past 10 years when describing bitcoin. He specifically added that the asset is doing well as a store of value as well and that the volatility will eventually “come lower.”

Chatterley questioned Michael on how much he has invested in the world of crypto to which he responded that his overall crypto exposure is “probably 50%.”

Even though he is a big supporter of bitcoin, the CEO has also pushed for Ethereum investment. He once said that the asset had “venture flair“.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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