Novogratz Employs a More Realistic Viewpoint, But Future Outlook Remains Upbeat | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Michael Novogratz, the founder of Galaxy Digital and former global macro hedge fund manager for Fortress Group, has admitted that the exuberance in crypto got the best of him, and he is factoring in a more realistic outlook on the market. He remains positive on the potential of cryptocurrency and blockchain but has decided to play the long game instead of chasing short term returns, as reported by Reuters, November 6, 2019.
Moderating the Inner Bull
It’s very easy to get caught up in the excitement and adventure of cryptocurrencies, and many investors – retail and institutional – have fallen into this trap.
Michael Novogratz, who shot to crypto fame by announcing he had 20 percent of his net worth in BTC and ETH, has commendably confessed that he may have been “too greedy” in entering and hedging position, which resulted in poor results during the bear market.
Offering his thoughts on recent events, Novogratz believes Libra erred by calling their product s global currency rather than a global payment tool. The word “currency” is psychologically associated with governments and central banks, so Novogratz’s view is valid in light of the emphatic opposition from regulators.
The veteran investor also believes Chinese President, Xi Jinping, essentially legitimized cryptocurrency and blockchain with his recent statements. Although he didn’t mention cryptocurrency and has explicitly warned people not to confuse blockchain optimism with a pro-crypto mindset,