Billionaire says not investing in Bitcoin is ‘irresponsible’
Unless you’ve been living under a rock for the past year or two, you’ve probably heard plenty of news about bitcoin and cryptocurrency. You might have mixed feelings on cryptocurrencies like bitcoin. But, if you listen to one of the richest men in the world, you’d be “irresponsible” not to invest in it.
The Responsible Choice
Michael Novogratz used to be a partner at Goldman Sachs and a hedge fund manager at Fortress Investment Group. Now he’s the founder and CEO of crypto-merchant bank, Galaxy Digital Capital Management— and he’s also a billionaire. It’s safe to say he at least somewhat knows what he’s talking about when it comes to investments and his recent quote about cryptocurrencies is making waves.
“It’s almost essential for every investor to have at least 1% to 2% of [cryptocurrency in] their portfolio”, said Novogratz in a recent interview. He went on to say it was “almost irresponsible” not to own any cryptocurrency.
Novogratz personally has 10% of his net worth invested in cryptocurrencies.
Why He Thinks So
The reason Novogratz is so convinced that having some money invested in cryptocurrency is wise is the fundamental technology underneath it all: blockchain.
He recommends investing in cryptocurrency “not necessarily because of all the gains they’re going to make,” but because “these technologies in two to four years are going to give every vertical a challenge.”
Some famous investors do not share Novogratz’ opinion…
Not Everyone Agrees
Warren Buffett was recently quoted as calling bitcoin “probably rat poison squared” before holding a Berkshire Hathaway shareholder’s meeting. His sentiment is reflected by other expert investors that are labeling cryptocurrencies a bubble waiting to burst and a commodity that’s driven purely by speculation.
Novogratz’s response? “In a lot of ways, this is a Millennial-led revolution… What I’ve found is guys with gray hair [are] much more skeptical.”
You’ll have to decide for yourself whether cryptocurrencies like bitcoin are a worthwhile investment for your money because even the best investors are divided!