Michael Novogratz Reveals His First Investments in Bitcoin
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Nov. 16, 2020

Galaxy Digital Holdings Co-Founder & CEO Michael Novogratz in an interview with the Nuggets News has revealed his first investments in the cryptocurrency market.

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According to Novogratz, he first learned about bitcoin (EXANTE: Bitcoin) from a friend in 2012.

"I did 15 minutes of research and was like 'Huh, cool technology, libertarians like it.' This was in 2012, we were in the European financial crisis. The Chinese were buying it. I was like 'It is going to go higher'," Novogratz said.

Galaxy Digital CEO says his first investments in BTC were at approximately $95, and they "were very speculative."

"As I started looking at it and digging in I thought 'This could be cool' and so I called up a friend of mine named Dan Morehead from Pantera… I knew he was sitting on the sidelines. I said ‘Morehead, take a look at this, I do not have enough time,” and after two weeks he called me back said 'Dude this is going to change the world…'," Novogratz recalled.

Novogratz says that Dan Morehead, Pantera Capital's CEO, bought a lot of bitcoin at the time, specifying that Morehead bought approximately 30 000 BTCs ($497,8 million at press time) so Novogratz and his partner Peter Briger, who is Co-Chief Executive Officer at Fortress Investment Group, decided to buy 30 001 BTCs because they "could not let him [Morehead] have more" than they had.

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The head of Galaxy Digital also said that he bought ETHs for the first time directly from the founder of the Ethereum ecosystem Vitalik Buterin:

"I met him once at a dinner, and he remembered me, but didn’t know me, but they thought it was good for the community to have a Wall Street guy buying, so I bought half a million ether at $99 cents."

At press time, bitcoin is trading at $16 594.

In July, Novogratz told in an interview with CNBC that bitcoin and gold will likely to continue to grow as long as the government's "liquidity pump" remains in place.

Citibank: Bitcoin is the Digital Gold of the 21st Century

The founder of the most known crypto bank on the market assures there is still a lot of retail interest in bitcoin, which is why the biggest cryptocurrency by market capitalization will likely hit all-time-high by the end of 2020.

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