ONLY BITCOIN GETS TO BE A ‘LEGAL PYRAMID SCHEME’ LIKE GOLD, SAYS MIKE NOVOGRATZ
Tuesday, December 11, 2018
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ONLY BITCOIN GETS TO BE A ‘LEGAL PYRAMID SCHEME’ LIKE GOLD, SAYS MIKE NOVOGRATZ-Bitcoin proponent and former Wall Street hedge fund supervisor Mike Novogratz stays optimistic regardless of the lengthy 2018 bear market. The investor holds that Bitcoin will develop into “digital gold” – a shop of worth within the similar experience gold is.
‘NOW I’M THE UGLY FACE OF CRYPTO’
Having made a collection of correct calls within the past, Novogratz admits that has lately been wrong. In a Bloomberg interview, he said:
For a while, I had a collection of really nice calls. I was the really face of crypto. Now I’m the gruesome face.
In July Bitcoinist reported on Novogratz saying that Bitcoin rate $3414.47 -0.14% had bottomed and that regulatory readability is had to allure institutional investors into the market.
Speaking at the subject now, Novogratz outlines that Bitcoin held at $6,200 for 4 months and that “it felt just like the promoting was finished.” He also outlined the Bitcoin Cash tough fork and the fresh clampdown of the SEC on a number of ICOs as causes which scared “the heck out of loads of people.”
Yet, regardless of the fresh selloff, Novogratz stays sure at the destiny of Bitcoin, believing that it's going to be “digital gold”:
I do trust Bitcoin goes to be virtual gold. That capability it’s the purely 1 in every of the income on the market that will get to be a authorized pyramid scheme. Just like gold is.
GALAXY DIGITAL BANK TO BREAK EVEN NEXT YEAR
One of Novogratz ventures within the area of virtual foreign money is the cryptocurrency financial institution Galaxy Digital LP which started buying and promoting once more on August 1st, 2018.
The financial institution was off to a really slippery start, dropping 20 percentage per share in one day, which additional to the company’s general anticipated losses of about $134 million in Q1 of 2018. At the time, the former Goldman Sachs spouse as soon as once more mentioned that he thinks “we’ve really loads bottomed.”
However, the market has plummeted since, as Bitcoin misplaced roughly one other 60 percentage of its value. Yet, Novogratz says that the challenge is “not as dramatically as one could think”:
We have a industry that we assume can damage even subsequent year, if now not make money. We’re now not nervous; we’re frustrated that our investors have misplaced money. We’ve got lots of money to run the industry for a lengthy time.
‘NOW I’M THE UGLY FACE OF CRYPTO’
Having made a collection of correct calls within the past, Novogratz admits that has lately been wrong. In a Bloomberg interview, he said:
For a while, I had a collection of really nice calls. I was the really face of crypto. Now I’m the gruesome face.
In July Bitcoinist reported on Novogratz saying that Bitcoin rate $3414.47 -0.14% had bottomed and that regulatory readability is had to allure institutional investors into the market.
Speaking at the subject now, Novogratz outlines that Bitcoin held at $6,200 for 4 months and that “it felt just like the promoting was finished.” He also outlined the Bitcoin Cash tough fork and the fresh clampdown of the SEC on a number of ICOs as causes which scared “the heck out of loads of people.”
Yet, regardless of the fresh selloff, Novogratz stays sure at the destiny of Bitcoin, believing that it's going to be “digital gold”:
I do trust Bitcoin goes to be virtual gold. That capability it’s the purely 1 in every of the income on the market that will get to be a authorized pyramid scheme. Just like gold is.
GALAXY DIGITAL BANK TO BREAK EVEN NEXT YEAR
One of Novogratz ventures within the area of virtual foreign money is the cryptocurrency financial institution Galaxy Digital LP which started buying and promoting once more on August 1st, 2018.
The financial institution was off to a really slippery start, dropping 20 percentage per share in one day, which additional to the company’s general anticipated losses of about $134 million in Q1 of 2018. At the time, the former Goldman Sachs spouse as soon as once more mentioned that he thinks “we’ve really loads bottomed.”
However, the market has plummeted since, as Bitcoin misplaced roughly one other 60 percentage of its value. Yet, Novogratz says that the challenge is “not as dramatically as one could think”:
We have a industry that we assume can damage even subsequent year, if now not make money. We’re now not nervous; we’re frustrated that our investors have misplaced money. We’ve got lots of money to run the industry for a lengthy time.
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