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Everything You Need to Know About Michael Novogratz

by Brandon Harville

When people talk about cryptocurrency finally gaining contemporary support, one of the main people they’re referring to is Michael Novogratz. Former Goldman Sachs partner, hedge fund manager, and full-on cryptocurrency enthusiast, Novogratz was one of Wall Street’s first and strongest supporters of Bitcoin and other cryptocurrencies. He supported blockchain technology back when it was considered a gimmick by people who didn’t understand its capabilities, and he continues to support blockchain projects and the crypto market in spite of a year-long bear cycle starting in early 2018.

In short, Michael Novogratz is as “big finance” as they come. This is what makes Novogratz stand out from his colleagues, as he was one of the only mainstream executives to express sincere interest in cryptocurrency when prices first started to take off. In fact, he even accurately predicted Bitcoin would hit the $10,000 mark and continue climbing—which it did, nearly breaking the $20,000 mark in mid-December, before transitioning into a bear cycle.

Novogratz’s unwavering support earned him a lot of money, followed by a lot of losses in 2018. He even started his own cryptocurrency merchant bank known as Galaxy Digital Holdings Ltd., which he started raising money for in January 2018—yes, that January when things all went south. Unfortunately for Michael, he ended up losing $136 million in trading losses as the crypto market came tumbling down.

You would think that losing so much money to market volatility would leave Novogratz feeling pessimistic about blockchain’s functionality and cryptocurrency’s viability as a long-term investment opportunity. But in actuality, the opposite has happened. While Michael had lost a lot of money when the crypto markets collapsed, he also made a lot of money and even more good calls before then. When asked about how he feels about cryptocurrency these days, Novogratz admitted he feels optimistic and continues to express interest in Bitcoin and other cryptocurrencies.

In fact, Michael is still making Bitcoin calls and still believes that the popular cryptocurrency has the potential of recovering to its former glory days. Hopefully he’s right.

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(Featured image by Bitcoin Block Explorer)

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