Who is Michael Novogratz and what are his forecasts on Bitcoin

Von | 4. Oktober 2020

Michael Novogratz was born on November 26, 1964 in the state of Virginia. Since childhood he has been passionate about wrestling and participates in various competitions at the national level.

He attended Princeton University and began his money market career with Goldman Sachs in 1989 as a short-term bond trader. In 1992 he moved to Asia, specifically to Tokyo as a seller and was later called upon to manage a trading desk for the company in Hong Kong.

In 1998 he was elected partner of Goldman Sachs, where he also served as president of the Latin America office.

He was co-chief information officer of Macro Funds at Fortress Investment Group LLC and later assumed the position of principal and director of Fortress Credit Corporation to retire in October 2015.

He is a member of the Financial Markets Investment Advisory Board of the Federal Reserve Bank of New York.

Michael Novogratz and Bitcoin

Michael Novogratz is the CEO of Galaxy Investment Partners, a cryptocurrency investment company. He claims to have earned more than $250 million in cryptocurrency in a year.

In 2017 he stated that 20% of his equity was in Bitcoin and Ethereum. He always thought that the „blockchain revolution was able to change the way we live. It is a bubble, but it is about to become one of the greatest obsessions of all time.

Michael Novogratz has therefore always believed in Bitcoin and still today continues to focus on cryptocurrency, despite the uncertainty in the financial markets at this time, so much so that during the CNBC talk show Fast Money he said:

„My instinct tells me that Bitcoin’s performance will be better than gold. But I still advise people to own more gold and less Bitcoin because of the volatility“.

However, Novogratz stated that it is still too complicated to buy bitcoin. Companies should present tools to facilitate the buying process in order to increase the resonance and use of cryptocurrency to a wider target group of people.

In addition, in March 2020 Novogratz estimated that Bitcoin will reach $20,000 by the end of the year, stating that this very year 2020 was the year of Bitcoin.