Mike Novogratz revealed the amount of Bitcoin and Ethereum he had
17. November 2020
Wall Street investor Mike Novogratz recently revealed, in a Nugget’s News conversation with Alex Saunders, how much Bitcoin and Ethereum he had at one time. He also talked about the market.
– Mike Novogratz (@novogratz) November 11, 2020
Certainly, Mike Novogratz’s involvement in Bitcoin began when he first bought crypt coins. Before he retired from Fortress and became the CEO of Galaxy Investment Partners.
Mike Novogratz promotes crypto currencies in the face of a possible new wave of federal stimulus
How much Bitcoin and Ethereum did Mike Novogratz start with?
Novogratz, a former partner at Goldman Sachs and a former manager at the Fortress Investment Group, has invested in 30,000 BTC, which is now estimated at $480 million. By the way, the investor started when Bitcoin was only worth $100.
Indeed, Mike Novogratz, revealed that his first foray into the crypto market was a purchase of 30,000 Bitcoins (BTC) and half a million Ethereum (ETH).
„My first purchases of Bitcoin were around $95. They were very speculative. I bought it because I thought it would go up. And when I started looking at it and researching it, I thought this could be great.
He continued by narrating his experience: „So I called a friend named Dan Morehead at Pantera Capital. I said, look at this, I don’t have enough time, and after two weeks he called me and said, buddy, this is going to change the world. So we decided, Pete Briger, my other partner, Dan and I, that we would buy a lot of Bitcoin.
In fact, Novogratz goes on to talk about when he planned to sell his stack of BTC and how his partner stopped him from doing so.
„Ultimately, I wanted to sell it for 1,000. That had been my plan, to sell it and buy a jet. My partner Pete Briger wouldn’t let me. He was so adamant in saying, ‚I’m doing you a favor. This is going to go a lot higher. We never want to sell it.
Speaking about Ethereum, he said that he bought the cryptomoney from the project’s founder, Vitalik Buterin. In general, in an over-the-counter transaction.
„My first ETH, I actually bought it from Vitalik Buterin. I met him once at a dinner party and he remembered me. But, they thought it was good for the community to have a Wall Street guy buying, so I bought half a million Ethereum for 99 cents.
Basically, Novogratz bought 500,000 Buterin ETH at $0.99 each. Also, Mike Novogratz joked that Buterin raised the price for him, by one cent per coin, because he was too slow to buy.
Novogratz: Use of Bitcoin as a store of value is predominant
The importance of buying Bitcoin
In the same vein, the podcast discussion also focused on a Bitcoin buyout by Wall Street investor Stanley Druckenmiller, a friend of Novogratz.
In summary, Mike Novogratz said he believes that the endorsement of Bitcoin by his friends is probably one of the most important stories in this space in a long time.
The investor rated Druckenmiller as the best investor of the last five decades. Commenting on his 30-year track record of no losses for his investors.
Similarly, Novogratz showed similar thoughts when billionaire investor Paul Tudor Jones made a similar endorsement in May.
Bitcoin fell back this Saturday after reaching USD 16,400
Have you ever wondered how much crypto currency investor Mike Novogratz owns?
As a curiosity, he didn’t reveal how much Bitcoin and Ethereum he owns today. But he did mention, that he has a net value of at least 25% in liquid cryptomoney.
In short, he continues to invest in projects related to the Blockchain technology, with Galaxy Digital.
To close, I leave you with this phrase from Warren Buffett: „Don’t save what’s left after you’ve spent. If you don’t spend what’s left after you save“.