From $20,000 to $3500, 2018 has been a turbulent year for the cryptocurrency markets, but the downturn is not enough to change the attitude of crypto millionaire investor, Mike Novogratz.
In an interview with Bloomberg today, Dec 11, he explained why he’s still all in on bitcoin and reiterated that his crypto asset investment firm, Galaxy Digital will become the Laird Hamilton of the industry once the next bull run starts.
“I do believe Bitcoin is going to be digital gold,” Mike told reporters before drawing comparisons between the cryptocurrency and physical gold. He pointed out Bitcoin is equivalent to that the metal because it can serve as a store of value just like people save their money by buying gold.
The fact the chief investment officer at Yale University, David Swansen invests in Bitcoin was used by Novogratz to drive home the point. “Some of the smartest people in the investing world think it’s a store of value,” Mike added
Galaxy Digital Will Be the “Laird Hamilton” of Crypto
Mike Novogratz started his Galaxy Digital Holdings at a time when Bitcoin prices were at its peak and just last month, reported that they lost as much as $136 million since that meteoric increase.
However, he told Bloomberg reporters that their implosion is not as ‘dramatic’ as what many people think. In fact, he revealed that they still have enough money to run the business and could break even, if not make money as soon as next year.
For the time being, Mike Novogratz likened his business to a “surfer” who is getting in shape for the next big wave. “When the wave comes we’d better be the Laird Hamilton of crypto,” he said in optimism.
The rest of the crypto community continues to look forward to a bullish reversal to the current crypto market performance and will be rewarded alongside the millionaire investor when it finally happens.