Mike Novogratz is a billionaire Bitcoin mogul and CEO of Galaxy Digital Capital Management. The investor says that each and every investor should have about 1% or 2% of their portfolio showcasing cryptocurrencies. He further added that failing to do so is ‘almost impossible’ this is according to a report from CNN.
Last Wednesday, his company, Galaxy Digital Capital management partnered with Bloomberg to launch Bloomberg Galaxy crypto index. This index will be used to track the performance of other ten cryptocurrencies including Ethereum and Bitcoins. Thus the higher index a cryptocurrency has, the higher the value or performance in the cryptocurrency market.
With almost a decade now since the introduction of these digital currencies, Bitcoin is the most significant and widely accepted cryptocurrency being used across the globe. Bitcoin has been adopted for business by many companies, and many governments that were reluctant to embrace the technology have shown greater interest. If one considers themselves worthy investors, then using cryptocurrencies is a MUST. It is not only a new move to doing business the digital way, but also provides a futuristic approach to conduct transactions.
Novogratz said that investing in cryptocurrencies should not be focused on the overall gains from the investment but within few years to come, digital currencies will be used by companies as well as individuals to record instant transactions. The near instant transaction is facilitated by the secure and reduced intervention by Central banks.
To ascertain his proposition of investment into crypto currencies, Novogratz a former fund manager at Fortress Investment Group and Goldman Sachs, says that he has invested over 10% of his net worth on cryptocurrencies. This Bitcoin Wallet should be a cross-platform of the available crypto coins in the world, altcoin, Ethereum, Bitcoin and many other cryptos available for investment.
Major companies such as Alibaba and Amazon have accepted cryptocurrencies as part of their mobile payments. Users with their accounts can pay for goods with Bitcoin and other cryptos. This shows that cryptocurrencies are the new wave of doing business. Moreover, Bitcoin has proved to be the future of cross payments between peers. Both new business investments and traditional companies are adopting digital payments. Interestingly, some of these investments are the sole launchers of most Cryptocurrency exchanges available. For example, the New York Stock Exchange has reported that they are considering launching a Bitcoin Exchange.
Some of the high net worth individuals such as Warren Buffet are still reluctant to join the wave of cryptocurrencies, calling it probably some sort of rat poison squared! The investment icon rubbished Bitcoin in this statement when he was attending the Berkshire Hathaway’s shareholder’s meeting.
Facebook, has set up a team that is expected to launch a Blockchain platform. Therefore, if a company like Facebook considers the possibility of joining cryptocurrencies, then the investment should bring success.
With these differing opinions, Novogratz said that some of these negative opinions are ‘age-related.’ Meaning that old investment icons are still skeptical about the future of cryptocurrencies.