About two months ago, hedge fund billionaire Michael Novogratz created a bold announcement: He’d place 10% of his net worth into digital currencies including Bitcoin and Ethereum. But a great deal can take place within a couple of months. Specifically, the value of Bitcoin has more than doubled, and also the Ethereum value has multiplied six-fold.
So about the time the cryptocurrencies reached all-time highs earlier in June, with all the Bitcoin value hitting $3,000 and Ethereum breaking $400 the following day, Novogratz believed the current crypto boom had topped out. He sold “a bunch” of his digital coins.
“I think the market had a spectacular run, and trees do not grow towards the sky,” Novogratz said this week, speaking at CBInsights’ Future of Fintech conference in New York. “So I almost certainly nonetheless have roughly 10% of my net worth in crypto, but it is been scaled way back.”