Billionaire bitcoin bull Michael Novogratz, founder and CEO of Galaxy Digital Capital Management, says every investor should have 1% to 2% of their portfolio in cryptocurrency in an interview with CNN’s Maggie Lake on “Markets Now.” Not to do so, in his view, is “almost irresponsible.”
Crypto To Disrupt Every Vertical
On Wednesday, Novogratz’s firm and Bloomberg launched the Bloomberg Galaxy Crypto Index, an index that tracks 10 cryptocurrencies, including bitcoin and Ethereum.
Investing in cryptocurrency is important not on account of expected gains, Novogratz said, but because in two to four years blockchain technology, which allows companies to make and record near instant transactions, will be challenging every vertical.
While the decentralized version of Uber may not be Uber, it will be a challenge and it constitutes a “real value proposition,” he said.
Novogratz, a former hedge fund manager at Fortress Investment Group and Goldman Sachs partner, said he has invested 10% of his net worth in cryptocurrencies.