Michael Novogratz is still bullish on Bitcoin and is increasing his stake in Galaxy Digital by purchasing 7.5 million more shares.
Many promoters of Bitcoin and other cryptocurrencies had their bullish outlooks blunted by the bearish market of 2018. Despite the fact that Bitcoin has fallen greatly from its all-time high of nearly $20,000, there are quite a few stalwarts that are extremely optimistic about the future of virtual currencies. One such individual is Michael Novogratz, a former partner of Goldman Sachs, and he is actually increasing his bet on crypto.
Novogratz Putting His Money Where His Mouth Is
One has to admire the sheer determination and tenacity of Michael Novogratz. He has always been a huge supporter of Bitcoin, and he is doubling down in his support.
Bloomberg reported that the former billionaire has increased his stake in Galaxy Digital Holdings LTC, the merchant bank “dedicated to the digital assets and blockchain technology industry.” He recently spent $5.5 million to buy an additional 7.5 million shares of stock in the company.
Fully in Charge
Novogratz is the driving force behind Galaxy Digital. He founded the company and serves as its CEO. Prior to the new stock purchase, he owned 213.7 million Class B limited partnership units, which represented 76.6 percent of the total shares. He has now upped that percentage to almost 80 percent (79.3 percent to be precise) by increasing his share total to 221.2 million units.
While this move does not represent a huge swing in the company’s operation, it does show that Novogratz is quite willing to spend millions of dollars supporting cryptocurrencies. Savvy businessmen see opportunity while others see nothing but doom-and-gloom. He has stated that he expects prices to go back up for cryptocurrencies this year due to increased interest from institutional investors.
He also believes that Bitcoin will last as a store of value, saying:
This is a mania built on something real. I am certain we will have a digital store of wealth. I think it will be Bitcoin.
Currently, Bitcoin is trading for $3,833, a drop of 1.5 percent over the last 24 hours.
Do you think Michael Novogratz is smart in buying more stock in Galaxy Digital? Let us know in the comments below.
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