Former portfolio manager at Fortress invest group and partner at Goldman Sachs continues to push crypto-currency as the future of finance. The former Goldman Sachs man known for being one of the most prominent Bitcoin Bulls was recently quoted as saying that it was “almost irresponsible” to not invest in Bitcoin.
In an interview on CNN’s markets now, Novogratz was quoted as saying; “It’s almost essential for every investor to have at least 1% to 2% of their portfolio.” He went on further to say “these technologies in two to four years are going to give every vertical a challenge.”
His latter statement is not far-fetched by any stretch of the imagination since blockchain technology has been integrated into many industries across the board, setting the stage for a truly decentralized future in terms of provision for services and products.
Novogratz just recently launched his own 250 million dollar crypto-currency merchant bank known as Galaxy digital. The firm will offer advisory services, asset management, and a crypto trading desk.
The company recently entered into a partnership with Bloomberg to officially launch the Bloomberg Galaxy crypto index (BGCI). This is an index of the top 10 global currencies there is by market capitalization.
A statement from Bloomberg’s global product manager read; “Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in crypto-currencies. The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”
The New York stock exchange will implement crypto trading desks within the next 6 months as per Novogratz’ prediction. The prediction just came about the same time that Goldman Sachs announced it would be opening a Bitcoin futures trading desk.
Despite his quite bullish sentiments on Bitcoin and crypto-currencies in general, he admits its still early days when it comes to mass adoption.