PRESS RELEASE: Mike Novogratz Fully Endorses Crypto: We’re a Surfer Getting in Shape for the Next Wave

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There is nobody in the entire Wall Street embraced cryptos with much enthusiasm like the renowned trader, Mike Novogratz. In September 2017, Jamie Dimon called Bitcoin a “fraud” but Novogratz correctly predicted that it would rise past the $10,000 mark and keep climbing. The former Goldman Sachs Group Inc. partner and hedge fund manager became a champion for the crypto movement and also a billionaire on paper.

Through the rise of the crypto market in late 2017, Novo announced that he would launch Galaxy Digital Holdings Ltd, a cryptocurrency merchant bank. However, Bitcoin started its historic plunge in January 2018 as he was raising funds to set up his bank. Although Galaxy has so far filed $136 million in trading losses , Novogratz, as he is popularly known, is still determined.

The Bear Market

Novogratz confirmed to Bloomberg that he went into the Crypto market thinking, in the long run, it would become a real structural shift in the world. He also believed that he could hedge his portfolio. Through strategic investment, he has managed to curb heavy losses experienced by other traders in the persistent 2018 bear market trend.

He advises that impulse buying in an attempt to curb losses is what has led to many crypto investors to shut down. Novo believes that the bear market was almost over until Bitcoin Cash decided to fork again. Also, the SEC and various world governing bodies sanctioned and banned several ICOs deflating bitcoin and the entire crypto market further.

Investment

The legendary trader said that he was interested to invest in crypto after seeing bitcoin go on a log chart. Novogratz sells whenever ‘prices get stupid’ and that is why he has made a name for himself as a successful macro trader. ICOs took over the crypto world as excellent investment opportunities only for them to get mauled by many cases of fraud.

The SEC stepped in to bring sanity to the emerging ICO market. At first, the regulator seemed to be against this market. However, they have loosened their stringent regulations since then and even consider supporting security tokens .

Mike believes that Bitcoin will eventually become digital gold. Thus, it may become a legal pyramid scheme just like gold. All gold that has ever been mined worldwide fits in an Olympic-size swimming pool. Although the gold in that pool may not be worth $8 trillion, speculators and big traders make it achieve that value.

The same case applies for the crypto industry with renowned investment officers like David Swensen putting an investment into Bitcoin . Novogratz and other investors have invested in a virtual world company known as High Fidelity. In his opinion, Second Life does $500 million in GDP annually and the new venture will be a first real case where blockchain technology really works.

Although the crypto markets may be imploding currently, Mike Novogratz believes that stability will come in the future. However, before stability is achieved, expect more waves to come along. The best way to gain is to prepare adequately to take advantage of these waves whenever they arise. Although the markets have adopted fear and pessimistic sentiments, the prices will not drop to zero and soon developments will trigger them to rise again.

He expressed:

“The audience is more sober now—the drug is gone. If anything we’re on the other side, at the stage where there’s the pessimism, and the fear, and the “Oh my God, it’s going to zero.” But it’s not going to zero.”

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The post Mike Novogratz Fully Endorses Crypto: We’re a Surfer Getting in Shape for the Next Wave appeared first on Cryptovibes.com – Daily Cryptocurrency News .

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