Category Archives: Galaxy Digital Capital Management

Auto Added by WPeMatico

Novogratz: Bitcoin Renaissance Coming as SEC Delays

Galaxy Digital Capital Management’s crypto billionaire founder Michael Novogratz is putting a very positive spin on Bitcoin’s current position, maintaining it has the hit the bottom and is ready to bounce.

Speaking yesterday at Yahoo Finance’s second annual All Markets Summit in New York, the ex-hedge fund manager has further cemented his support of cryptocurrencies, suggesting that Bitcoin is now holding its own above USD 6,000 as a store of value, arguing, “Bitcoin has held USD 6,000. Yes, it is off its highs, but it has established itself as a store of value… I think institutions are moving towards investing. It’s shocking how much has happened.”

Novogratz has long been an outspoken supporter of crypto and one of the industry’s staunchest promoters, maintaining that street level is where new technology will flourish where regular people do things like “rent rooms, ride cars and pay each other to do work“. He has made the point that decentralized “revolution” is yet to make its most significant impact on markets and that banks will miss out on Bitcoin’s continued rise.

Despite last night’s decision by the SEC to delay any decision on Bitcoin exchange-traded funds (ETF) the currency is holding its ground and taking many altcoins with it. The ETF decision is now thought to be delayed until February next year. An official statement by the Commission stated:

“Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change… Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”

Some investors see the decision to delay even further as an indication that the SEC is likely to grant approval to ETFs when it finally makes its move next year.


Follow on Twitter: @bitcoinnewscom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Novogratz: Bitcoin Renaissance Coming as SEC Delays appeared first on

Almost Essential to Include Crypto in Your Portfolio, Michael Novogratz Tells CNN

Speaking to Maggie Lake on CNN Wednesday, billionaire bull and CEO of Galaxy Digital Capital Management Michael Novogratz, suggested that every investor should have 1% to 2% of their portfolio in cryptocurrency, declaring it ”almost irresponsible” not to.

”Challenging every verticle”

The reasoning behind Novogratz’ statements is not because of any potentially massive financial gains that cryptocurrencies might make, but because of the blockchain technology behind them. ”These technologies in two to four years are going to give every verticle a challenge,” said Novogratz, referring to blockchain.

Blockchain has been generally received with more widespread positivity than cryptocurrencies, particular from financial institutions and governments. The technology allows transactions to take place nearly instantaneously, recording all payment data from those using the service.

Even NASA recently gave its backing, utilizing the Ethereum blockchain in a project that would increase the efficiency and safety of deep space travel.

Another prediction provided by Novogratz outlined a vision that sees the New York Stock Exchange incorporating cryptocurrency trading within six months.

When Novogratz was questioned on acclaimed investor Warren Buffett’s recent critical comments that described Bitcoin as ”probably rat poison squared”, his response perfectly summed up the sentiment of many cryptocurrency enthusiasts. “In a lot of ways, this is a Millennial-led revolution… what I’ve found is guys with gray hair [are] much more skeptical,” he said.

More on Novogratz

Novogratz was also promoting the launch of his firm’s collaborative project with Bloomberg, the Bloomberg Galaxy Crypto Index. The cryptocurrency index was launched Wednesday and is currently tracking ten digital currencies including the main players Bitcoin and Ethereum.

His previous job roles include hedge fund management at Fortress Investment Group and a partnership with Goldman Sachs.

During the interview, he disclosed that 10% of his net worth was currently held in cryptocurrencies.


Follow on Twitter at

Telegram Alerts from at

The post Almost Essential to Include Crypto in Your Portfolio, Michael Novogratz Tells CNN appeared first on