Mike Novogratz - "I am more and more bullish bitcoin and our whole space"
Mike Novogratz is more bullish than ever on bitcoin and crypto overall.
Mike Novogratz has been a staunch bitcoin bull for several years now.
He has been right on the money with many of his calls to date, including saying that he thought things were overdone in late 2017 and didn't advise his clients to be buying at that time.
Lately, he said he is now more bullish than ever...
Saying:
"That was a drug (back in late 2017), and I don’t say that lightly. When you’re in the speculative mania, testosterone is boiling over and there’s a lot of greed. The audience is more sober now—the drug is gone. If anything we’re on the other side, at the stage where there’s the pessimism, and the fear, and the “Oh my God, it’s going to zero.” But it’s not going to zero. We’re at the methadone clinic.”
(Source: https://www.ccn.com/this-billionaire-investor-more-bullish-crypto-bitcoin)
Why is he more confident than ever?
He didn't go into specific details at this time, but it likely has to do with the entrance of institutions, FINALLY.
Earlier this week, Global Custodian and The TRADE Crypto in partnership with BitGo released a survey that found 141 endowments out of 150 in the U.S. had already invested in the crypto market.
141 out of 150!
Now that is a major find.
Institutions in general are more risk averse.
However, it appears they are starting to take Novogratz's advice saying that is is irresponsible not to have some crytpo exposure, even if it is less than 1% of your total portfolio.
(Source: https://www.ccn.com/this-billionaire-investor-more-bullish-crypto-bitcoin)
They are finally here!
Everyone has been waiting for institutions to get involved, and it appears they are finally starting to.
It is going to be FOMO among institutions that drives prices to new highs during this next bullish stage.
Stay informed my friends.
-Doc
I like this dude ... hehe. He's is always bullish :D
Actually...
Not always. :)
He told people not to buy when prices were running up near $20k in late 2017.
He was going to launch his fund then and said he was selling his personal holdings so he didn't feel comfortable telling clients to buy while he was selling. Therefore he delayed launching that fund...
This was a smart move not to launch on the top.
Yes plus it was a major conflict of interest. Selling person holdings while buying same holdings for clients...
Gracias por la información, importante tenerlo presente.
You are welcome!
Definitely a big find! Considering that Fidelity’s custodial service is still just getting started, it could show an interesting trend here in the short term.
Posted using Partiko iOS
I agree. Plus Bakkt will eventually launch. The fact that this many are already getting in when it's not easy to custody these things is very big news!
I happened to catch Novogratz on a show back in '17. He threw out WAX and it caught my attention. Luckily I sold at the top and bought at the bottom a couple months back.....I like his take on the crypto space and wrestling, but not his politics....nice post. I believe he's in a position to know.
Posted using Partiko Android
I believe he is as well. Major wall street connections.