Billionaire and Bitcoin bull Mike Novogratz has said he thinks everyone should have 5% of their net worth in BTC.
He also claims that he has up to 50% of his own money in crypto. This comes after the largest correction in weeks.
Fortune Telling Novogratz
In an interview on CNN with Julia Chatterley, Billionaire Mike Novogratz has once again made the bullish case for bitcoin. On Tuesday, Dec 8 he laid out the reasons why he is still bullish despite the alpha crypto’s meteoric rise to all-time highs.
The founder of Galaxy Digital has been optimistically bullish for several months. In September, he said bitcoin would keep going higher if more people understood how it worked. Once the utility becomes apparent, he said, investors would rush in.
On Oct 19, 2020, he said that it would break out once the bitcoin price reached $12,000. At the time, he added to his position. Fewer than two months later, the price sits near $18,000, having met resistance at $20,000. Still, the investor’s confidence now seems warranted.
Is This Time Different?
This time, Novogratz says, bulls will continue bidding up the price. Unlike other rises, institutional investors will keep pouring money in. Thanks to massive buying from companies like Microstrategy, more Wall Street investors are taking note, he suggested.
Moreover, institutional investors are looking for an alternative store of value from gold and a hedge against inflation. Many bulls have made the case that bitcoin will likely hold value against the US Dollar, almost a quarter of which has been printed in the last year.
Likewise, the Galaxy Digital chief explained that accredited investors and pension funds will also be eyeing the bitcoin route. Once the floodgates open, crypto will continue to gain traction and really come of age in 5-10 years, he said.
New Crypto Kids on the Block
It’s not just Bitcoin that has his attention, however. He also thought that Ethereum, though it has more “flair” than BTC, is an investment “we like.” He noted that new crypto projects are seeing money pour in as users and capital skyrocket.
Finally, Novogratz noted he felt comfortable advising new investors to put 5% of their net worth in bitcoin. As for him, he said his overall crypto exposure was, “probably 50%.”