Novogratz: all hedge funds should have 1% in Bitcoin (BTC)

10 Feb, 2019 | Updated: 10 Feb, 2019
by David Robb
Opinion
Novogratz: all hedge funds should have 1% in Bitcoin (BTC)

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.

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. 

Read more: Novogratz: "Very confident" institutions will invest in crypto

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.

Read more: Is Bitcoin dead? 8 reasons why it is NOT9 Bitcoin price predictions for 2019 by crypto experts

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Read more about: Michael Novogratz

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