Billionaire Mike Novogratz reveals that crypto makes up 85% of his wealth – and says ether can surge another 23% | Currency News | Financial and Business News

Mike Novogratz speaks at the SALT conference in 2015

Galaxy Digital Holdings founder and CEO Mike Novogratz recently revealed that cryptocurrencies make up 85% of his net worth, translating to a staggering $4.8 billion.

The billionaire told New York Magazine Thursday that while he has had other investments – including a mushroom company and a chicken company – he couldn’t pass on the chance to invest in cryptocurrencies.

“It’s just that cryptos had a move that is a once-in-a-generation move,” he told New York Magazine. “And I think people should understand that it’s not going to keep happening over and over. Like this idea that we’ve gone from not-an-asset-class to an asset class only can happen once.”

It’s unclear if the billionaire plowed more money into his initial stake or if his current investments just grew.

As of March 2021, Novogratz is worth around $5.67 billion according to the Bloomberg Billionaires Index, making him the 495th richest person in the world. Most of his wealth came from his stake at New York-based Galaxy, a cryptocurrency-focused merchant bank.

Novogratz has long been a cryptocurrency enthusiast, although he is a bit more selective with his picks compared to other vocal advocates. For instance, he recently slammed dogecoin, calling its surge “bizarre.”

“This wild acceleration that we’re seeing, where things are up 30 times, 40 times, 100 times, that’s not normal,” he told New York Magazine. “Be prudent, take some chips and buy yourself a house if you can afford it, or a car, or at least a nice new jacket. You know, take some of those profits and put them into some joyful things.”

Still, the billionaire acknowledges the broader rally in the digital asset space, even predicting at one point that cryptocurrency investments will make up 2% of global wealth within two to three years.

As for ether, Novogratz hasn’t shied away from promoting the second-largest cryptocurrency by market capitalization.

“Hats off to all the ether-heads out there,” he told New York Magazine. “I think we saw something really awesome in the last few months.”

Novogratz predicted that the price of ethereum’s currency will jump 23% to $5,000, boosted by various tailwinds from non-fungible tokens to decentralized finance. Like Novogratz, many analysts expect ether to surpass bitcoin.

Its 444% year-to-date growth by far outpaces bitcoin’s modest 74%.

“Ether looks likely to go a lot higher now,” he said.

This news is republished from another source. You can check the original article here

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