Galaxy Digital founder and popularly known crypto investor, Mike Novogratz, has encouraged stakeholders to devote a larger stake of their portfolios to crypto.
In a recent interview aired on CNN, the crypto expert stated that it was most almost impossible for Bitcoin to trade back to zero value.
He also advised investors to allocate about 1% of their net worth to Bitcoin (BTC) and other crypto assets, based on their price volatility.
“I think a new investor could put 5% into Bitcoin,” said Novogratz. “Bitcoin’s not going back to zero […] It could certainly trade back to $14,000 — you could lose 30-40%, but you’re not losing 80-90% of your money.”
"You're going to see every single financial institution forced into this space."
"We're at the beginning innings of rebuilding the infrastructure that American & global business will be done on in the future." pic.twitter.com/b0hdiQwrrG
— Julia Chatterley (@jchatterleyCNN) December 8, 2020
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What this means
- The crypto expert disclosed that his bias on the flagship crypto not dropping to such level any time soon was primarily based on the “stability surrounding Bitcoin,” adding that the coin was “fulfilling its role as digital gold” with a store of value.
- Mike Novogratz also believes Bitcoin’s volatility will drop lower with time.
- He is estimated to be worth around $700 million. When asked further about his crypto portfolio investments, he said, “overall crypto exposure is probably 50%.”
- At the time of writing, Bitcoin traded at $18,250.02 with a daily trading volume of $33,410,231,760. Bitcoin is down 4.80% in the last 24 hours. It has a market capitalization of $339 Billion. It has a circulating supply of 18,565,981 BTC coins and a maximum supply of 21,000,000 BTC coins.