'Billionaire' Mr. Novogratz keeps 10% of his fortune in Bitcoin and Ether, WHY?? - Buy Bitcoins News profitable bitcoin Mining


  • 'Billionaire' Mr. Novogratz keeps 10% of his fortune in Bitcoin and Ether, WHY??

    Billionaire Mr. Michael Novogratz revealed that he has put 10 percent of his money in bitcoin and ethere. He also predicted that the price of bitcoin will reach $ 2,000. Bitcoin.com will look for how much of its net worth is in and why he decided to invest in bitcoin.
    Michael Novogratz

    10% of your money in Bitcoin and Ether

    On Wednesday, Bitcoin investor Michael Novogratz spoke at a forum held at the Harvard Business School Club in New York. Referring to him as a "billionaire investor,"  CNN Money reported his comments:

    Ten percent (10%) of my total wealth is in this space. It is the "best investment of my life".

    However, he did not reveal how much of his wealth is exactly.

    Why is Pro-Bitcoin

    Michael Novogratz on Bloomberg in 2015
    Novogratz has given many interviews on Bitcoin and bloockchain technology. In May 2015, he gave a detailed explanation in which he says why he personally invested in bitcoin in an interview for Bloomberg . Citing a free software community saying "enormous brain power" from "over 30,000 individual programmers" working in Bitcoin, he mentioned:

    I think it's real. There is a lot of smart money come to this; I have never seen a small project with human capital added, and as such, I want to be in this.
    "I think we have the advantage because we were the first, but certainly there were risks," he added. "There will be a revolution in payment systems, and frankly, there will be a democratization of finance at some point."

    Billionaire by himself

    Novogratz joined the Fortress Investment group four years later this one found in 1998. He managed the Fortress Global Fund.

    In 2007, Forbes got it ready at # 317 of the Forbes 400, a list of the richest billionaires in the United States for their value estimation. Its net worth was $ 1.5 trillion that year. He became a billionaire "with the Fortress Investment Group's public offering," Forbes wrote . However, Fortress shares have sunk since the IPO. Since Novogratz made the list in 2007, Fortress shares have plummeted 45%, drawing the founder from the list of billionaires, the publication said.

    In 2008, Forbes ready to Novogratz # 962 on the list of "The Billionaires of the World", even with its net worth was reduced to $ 1.2 billion. That year, Fortress shares had fallen 60% since the IPO, to $ 12 per share.

    In 2012, the Observer reported that "Fortress shares were listed in the $ 3 per share range, down from a post-IPO price of $ 24.40, and Mr. Novogratz's value had fallen with this, to only $ 500 million The last time Forbes Czech. "

    Until October 2015, Novogratz was still managing $ 2 billion in Fortress assets. The fund had some bad bets in the direction of the Swiss Franc and the percentages of Brazilian interests. In a couple of months, Novogratz lost about $ 250 million. He faced the prospect of customer redemption, which cut his losses and resigned his position at Fortress, according to the Wall Street Journal . At that time, Fortress shares had fallen to $ 6. Today, stocks are listed at $ 5.

    From Fiat to Bitcoin

    While Fortress shares have fallen 70-80% since their IPO and were listed at approximately $ 5 and $ 8 in 2013, Novogratz had moved much of its money to Bitcoin.

    In October 2013, the said at a UBS conference in New York that "I have a good position in bitcoin," he reported Bloomberg . "Enough that I'm happy that it has doubled," he added. At that time, the price of a bitcoin was $ 175.30. He invited others to invest in bitcoin, saying that:

    Put some money in Bitcoin. [...] He returns in a few years and will be worth much more.

    Then, on Wednesday, Novogratz told the Club of Harvard Business Schools that the price of bitcoin will reach $ 2,000. He also warned that there is very likely to be a "bubble" in bitcoin and other crypto-currencies and recommended diversification as a way to handle the bubble.

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