Most active topics
Latest topics
Why ‘Billionaire’ Novogratz Holds 10% of His Wealth in Bitcoin and Ether
BchainTalk Forum - Community for Blockchain Believers :: Other Blockchain Discussion :: Blockchain + Cryptocurrency
Page 1 of 1 • Share
Why ‘Billionaire’ Novogratz Holds 10% of His Wealth in Bitcoin and Ether
Billionaire Michael Novogratz reportedly revealed that he has 10 percent of his money invested in bitcoin and ether. He also predicts that the price of bitcoin will go to $2,000. Bitcoin.com looks into how much his net worth is and why he decided to invest in bitcoin.
Also read: The One Man Supreme Court Bitlicense Battle Begins in Two Weeks
10% of His Money in Bitcoin and Ether
On Wednesday, bitcoin investor Michael Novogratz spoke at a forum held at the Harvard Business School Club of New York. Referring to him as a “billionaire investor”, CNN Money reported him saying:
Ten percent of my net worth is in this space. […] It’s the “best investment of my life”.
However, he did not reveal how much his net worth is.
Why He is Pro-Bitcoin
Michael Novogratz on Bloomberg in 2015
Novogratz has given several interviews about Bitcoin and blockchain technology. In May 2015, he gave a detailed explanation of why he personally invested in bitcoin during an interview with Bloomberg. Citing an open source community with “huge brainpower” from “over 30,000 individual programmers” working on Bitcoin, he said:
I think it’s real. […] There’s a lot of smart money going into it; I’ve never seen a small project with more human capital going into it, and so, I kinda want to bet just on that alone.
“I think it’s got first mover advantage, but certainly there are risks,” he further conveyed. “There will be a revolution in payment systems, and frankly, there will be a democratization of finance at one point.”
Self-Made Billionaire
Novogratz joined Fortress Investment Group four years after it was founded in 1998. He ran the Fortress global funds.
In 2007, Forbes listed him #317 on the Forbes 400, a list of America’s richest Billionaires by their estimated net worths. His net worth was $1.5 billion that year. He became a self-made billionaire “with the public offering of Fortress Investment Group,” Forbes wrote. However, Fortress shares had been sinking since its IPO. By the time Novogratz made the list in 2007, Fortress shares were down 45%, knocking the firm’s founders off the billionaire list, the publication detailed.
In 2008, Forbes ranked Novogratz #962 on its list of “The World’s Billionaires”, even though his net worth had fallen to $1.2 billion. That year, Fortress shares were down 60% since its IPO, to about $12.
In 2012, the Observer reported that “Fortress shares were trading in the $3 range, down from a post-IPO high of $24.40, and Mr. Novogratz’s worth had fallen with it, down to about $500 million the last time Forbes checked.”
Up until October 2015, Novogratz was still managing approximately $2 billion in assets at Fortress. The fund made a few bad bets about the direction of the Swiss franc and the Brazilian interest rates. Within a couple of months, Novogratz lost about $250 million. Faced with the prospect of client redemptions, he cut his losses and vacated his position at Fortress, according to the Wall Street Journal. By that time, Fortress shares had fallen to $6. Today, the shares trade at about $5.
Moving from Fiat to Bitcoin
While Fortress shares had fallen 70-80% since its IPO and were trading approximately between $5 and $8 in 2013, Novogratz had already moved some of his money into bitcoin.
In October 2013, he said at a UBS conference in New York that “I have a nice little bitcoin position,” Bloomberg reported. “Enough that I’m smiling that it doubled,” he added. At that time, the price of one bitcoin was just $175.30. He also advised others to invest in bitcoin, stating that:
Put a little money in Bitcoin. […] Come back in a few years and it’s going to be worth a lot.
Then, on Wednesday, Novogratz told the Harvard Business School Club crowd that bitcoin’s price will go to $2,000. He also warned them that there will “likely be a bubble” in bitcoin and other cryptocurrencies and recommended diversification as a way to handle the bubble.
How many bitcoins do you think Novogratz owns? Let us know in the comments section below.
Images courtesy of Shutterstock, Fortress, Forbes and Bloomberg
Need to calculate your bitcoin holdings? Check our tools section.
The post Why ‘Billionaire’ Novogratz Holds 10% of His Wealth in Bitcoin and Ether appeared first on Bitcoin News.
Source:http://blogchain.info/post/why-billionaire-novogratz-holds-10-of-his-wealth-in-bitcoin-and-ether
Also read: The One Man Supreme Court Bitlicense Battle Begins in Two Weeks
10% of His Money in Bitcoin and Ether
On Wednesday, bitcoin investor Michael Novogratz spoke at a forum held at the Harvard Business School Club of New York. Referring to him as a “billionaire investor”, CNN Money reported him saying:
Ten percent of my net worth is in this space. […] It’s the “best investment of my life”.
However, he did not reveal how much his net worth is.
Why He is Pro-Bitcoin
Michael Novogratz on Bloomberg in 2015
Novogratz has given several interviews about Bitcoin and blockchain technology. In May 2015, he gave a detailed explanation of why he personally invested in bitcoin during an interview with Bloomberg. Citing an open source community with “huge brainpower” from “over 30,000 individual programmers” working on Bitcoin, he said:
I think it’s real. […] There’s a lot of smart money going into it; I’ve never seen a small project with more human capital going into it, and so, I kinda want to bet just on that alone.
“I think it’s got first mover advantage, but certainly there are risks,” he further conveyed. “There will be a revolution in payment systems, and frankly, there will be a democratization of finance at one point.”
Self-Made Billionaire
Novogratz joined Fortress Investment Group four years after it was founded in 1998. He ran the Fortress global funds.
In 2007, Forbes listed him #317 on the Forbes 400, a list of America’s richest Billionaires by their estimated net worths. His net worth was $1.5 billion that year. He became a self-made billionaire “with the public offering of Fortress Investment Group,” Forbes wrote. However, Fortress shares had been sinking since its IPO. By the time Novogratz made the list in 2007, Fortress shares were down 45%, knocking the firm’s founders off the billionaire list, the publication detailed.
In 2008, Forbes ranked Novogratz #962 on its list of “The World’s Billionaires”, even though his net worth had fallen to $1.2 billion. That year, Fortress shares were down 60% since its IPO, to about $12.
In 2012, the Observer reported that “Fortress shares were trading in the $3 range, down from a post-IPO high of $24.40, and Mr. Novogratz’s worth had fallen with it, down to about $500 million the last time Forbes checked.”
Up until October 2015, Novogratz was still managing approximately $2 billion in assets at Fortress. The fund made a few bad bets about the direction of the Swiss franc and the Brazilian interest rates. Within a couple of months, Novogratz lost about $250 million. Faced with the prospect of client redemptions, he cut his losses and vacated his position at Fortress, according to the Wall Street Journal. By that time, Fortress shares had fallen to $6. Today, the shares trade at about $5.
Moving from Fiat to Bitcoin
While Fortress shares had fallen 70-80% since its IPO and were trading approximately between $5 and $8 in 2013, Novogratz had already moved some of his money into bitcoin.
In October 2013, he said at a UBS conference in New York that “I have a nice little bitcoin position,” Bloomberg reported. “Enough that I’m smiling that it doubled,” he added. At that time, the price of one bitcoin was just $175.30. He also advised others to invest in bitcoin, stating that:
Put a little money in Bitcoin. […] Come back in a few years and it’s going to be worth a lot.
Then, on Wednesday, Novogratz told the Harvard Business School Club crowd that bitcoin’s price will go to $2,000. He also warned them that there will “likely be a bubble” in bitcoin and other cryptocurrencies and recommended diversification as a way to handle the bubble.
How many bitcoins do you think Novogratz owns? Let us know in the comments section below.
Images courtesy of Shutterstock, Fortress, Forbes and Bloomberg
Need to calculate your bitcoin holdings? Check our tools section.
The post Why ‘Billionaire’ Novogratz Holds 10% of His Wealth in Bitcoin and Ether appeared first on Bitcoin News.
Source:http://blogchain.info/post/why-billionaire-novogratz-holds-10-of-his-wealth-in-bitcoin-and-ether
Samuel ovens- Posts : 4
Reputation : 0
Join date : 2017-04-15
Similar topics
» BEST BITCOIN MINING HARDWARE FOR 2017 – BITCOIN MINER REVIEWS
» Bitcoin Unlimited Miners May Be Preparing a 51% Attack on Bitcoin
» Bitcoin Price: the Downfall From All-Time Heights. Bitcoin Cash Rises
» What will bitcoin become?
» How to buy Bitcoin in India ?
» Bitcoin Unlimited Miners May Be Preparing a 51% Attack on Bitcoin
» Bitcoin Price: the Downfall From All-Time Heights. Bitcoin Cash Rises
» What will bitcoin become?
» How to buy Bitcoin in India ?
BchainTalk Forum - Community for Blockchain Believers :: Other Blockchain Discussion :: Blockchain + Cryptocurrency
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Thu Nov 29, 2018 4:02 pm by Vladdirescu
» Smart Valor — The Future of Global Investments
Tue Nov 13, 2018 6:06 pm by Vladdirescu
» Jur — Resolving Legal Disputes with the Help of Smart Contracts
Tue Oct 30, 2018 7:08 pm by Vladdirescu
» CDRX — Blockchain Technology in the Traditional Securities Market
Thu Oct 18, 2018 3:48 pm by Vladdirescu
» NoahCoin as a Key to Borderless Facilities of Noah Project
Thu Oct 11, 2018 4:39 pm by Vladdirescu
» Iconiq Lab — New ICO Accelerator and Decentralized Investment Fund
Wed Oct 03, 2018 8:34 pm by Vladdirescu
» Raincheck — Global Bonus System and Loyalty Program on the Stellar Blockchain
Thu Sep 13, 2018 6:09 pm by Vladdirescu
» Clintex (Clinical Trials Intelligence) — Alternative Treatment of the Future
Mon Aug 27, 2018 12:47 am by Vladdirescu
» Mobu ICO— The Future of Security Tokenization
Thu Aug 16, 2018 1:26 am by Vladdirescu
» Codex Protocol — Blockchain-based Title Registry of Art and Collectibles
Wed Jul 11, 2018 6:32 pm by Vladdirescu
» INGOT Coin Develops An All-Inclusive Ecosystem to Bridge Markets, Revives Lost Demand
Tue Jul 10, 2018 6:50 pm by Vladdirescu
» Japan Has Announced New Five-Point Regulations for Cryptocurrency Exchanges
Tue Jul 10, 2018 3:16 am by Vladdirescu
» Trivver — Blockchain-Based Extended Reality Ad Exchange
Sat Jun 30, 2018 5:38 pm by Vladdirescu
» OEL Foundation — Unified Logistics Blockchain Infrastructure
Mon Jun 25, 2018 10:20 pm by Vladdirescu
» Quadrant Protocol — Data Ecosystem With Authenticity And Provenance
Sat Jun 09, 2018 6:59 pm by Vladdirescu
» Pumapay Brings Crypto Payments into Daily Life, Raises $117 mln in Private Token Sale
Mon Jun 04, 2018 6:47 pm by Vladdirescu
» FlipNpik — Social Media for Local and Small Businesses based on XLM
Thu May 24, 2018 3:34 pm by Vladdirescu
» Japanese Bank MUFG Is Planning to Issue a Trial of Its Own Digital Currency
Thu May 17, 2018 11:40 pm by Vladdirescu
» Blockchain Enters Poland’s Financial Market, Namely the Credit Office
Thu May 17, 2018 10:55 pm by Vladdirescu
» HSBC Claims it Performed the World’s First Trade Transaction via Blockchain
Thu May 17, 2018 10:26 pm by Vladdirescu