Billionaire investor and Bitcoin bull Michael Novogratz recently claimed that most large investment firms aren't putting enough into Bitcoin (BTC). In a tweet, he said that all macro funds should have at least a 1 percent position in the leading crypto.
Don’t understand why all the big macro funds out there don’t have a 1 percent position in $btc. Just seems logical even if your prone to be a skeptic. @RayDalio #goldproxy #animalspirits #greatriskreward— Michael Novogratz (@novogratz) February 9, 2019
Head of the crypto-focused hedge fund Galaxy Digital, Novogratz is one of the most high-profile figures from institutional finance to stay faithful to Bitcoin (BTC), even as the ongoing bear market saw him lose a significant amount of money in 2018.
Although his confidence in crypto is unshaken, Novogratz is now looking more long-term for a market recovery. Like many others, he still sees interest from institutional investors as being a key factor, and this latest tweet appears designed to sway some of these figures.
Responses to his claim were mixed. Many agreed that institutional investment would grow as the benefits of crypto grew more apparent, while others seemed to think that the market didn't need the help of established institutions to be successful. In line with the current mainstream sentiment, a number of his followers were highly sceptical of Bitcoin and crypto investment in general.
This year you will see a slow adoption of that thinking. You know that! Spoke to Fidelity and that’s their goal with 100 employees already. 1-5%.— American Digital Asset Partners (@AmericanDigi) February 9, 2019
The whole point of a 1% position is to avoid losing money. It's really a play on the risk/reward. There's a much higher chance of Bitcoin going 100-500x than anything else doing the same. You wouldn't even notice a complete loss of that 1% if it went to zero (it wont).— James Barnsley (@JamesBarnsley30) February 9, 2019
don't even bother. let these guys jump in when it's too late. If they can't see the immense benefits of digital currency, there's no sense in leading them to water.— billjackson (@billjac22944837) February 9, 2019
Because they have common sense?— Graham Sanders (@geswolfcrest) February 10, 2019