Ex Fortress Manager Novogratz Says Bitcoin $10,000 Within 10 Months
Mention the name Michael Novogratz in financial circles associated with more traditional assets and you’ll hear a couple of things – Fortress, Goldman Sachs, perhaps the US National Guard.
Mention him this week, however, and the word you will hear is cryptocurrency.
Novogratz just appeared on CNBC’s Fast Money to give an interview with presenter Melissa Less and the focus of the interview was a fund he is in the progress of raising, dedicated to the cryptocurrency space.
According to the interview, Novogratzis is fronting $150 million of his own money and is seeking to raise up to $500 million, with the goal being to spread across the Bitcoin and Blockchain ecosphere. A couple of key points were raised with regards to both his approach and his expectations going forward.
First, he noted that, he first started investing in Bitcoin and Blockchain while he was at Fortress and his intentions with the new fund is to take a similar approach to that which he took then – spread relatively evenly across the major assets in the space (Bitcoin, Ethereum) and then dabble in the more speculative elements.
This approach, he says, is rooted in the fact that he doesn’t feel he is smart enough to pick the winners in the space but that he feels the space as a whole is on the up, so by diversifying he takes home an exposure to growth regardless of which asset wins out.
He also noted that he now sees Bitcoin as a store of value and is the bellwether of the space (which is obviously correct) and that, over the next 20 years, Blockchain is going to revolutionize the way we live – again something that the space has been saying for some time now.
From a bitcoin price perspective, he expects up to $10,000 within the next 6 to 10 months.
Novogratz’s net worth is estimated to be around $1.5 billion.