Michael Novogratz is quickly becoming excruciatingly successful in the cryptocurrency industry, which has earned the attention of the whole community and Abacus Journal. They recently decided to write a piece on Novogratz, which has earned a role as the “Oracle of Bitcoin” lately.
The piece discusses the way that the actions of Novogratz have make it possible for him to gain a significant profit from the market over the last six months. According to Abacus Journal, there are 10 investments that truly made the difference since April, which include:
- An investment with Goldman Sachs involving BitGo
- A partnership with Galaxy Digital, which is his own firm, and Fidelity Digital Assets
- An investment in Hut 8 Mining
- An investment in Bakkt
- An investment in BlockFi
- An equity position in Capsian
- An investment in Wax Express Trade
- An investment in High Fidelity
- An equity stake as a “lead” investor in Alpha Point
- A partnership with Bloomberg to develop the Bloomberg Galaxy Crypto Index (BCGI)
The Abacus Journal comments that there are plenty of investors that may be private or simply not located by the time of the article. However, this list of ten investment opportunities is still an impressive collection, further supporting the moniker “Oracle of Bitcoin.” Based on this list, the writer of the featured article said, “When Michael Novogratz talks about crypto, digital assets, blockchain, use cases, or any other such crypto ecosystem buzz phrase you need to listen – and listen intently.”
The article continues, speaking about Novogratz’s personal and professional history, commenting that the resume he holds is enough to elicit “respect,” despite the way that he left Goldman Sachs and Fortress. However, it is that departure that made it possible for him to have success with Galaxy Digital.
The annoucement from BitGo yesterday is a good way to demonstrate how Novogratz took on the strategic thinking of his efforts. The co-founder and CEO, Mike Belshe said, “If you were investing in any other asset class, you’re probably not worried about the asset just disappearing — but this one, people still have that fear.” He believes that the only way to give cryptocurrencies the ability to get to their potential is to “conquer that.”
Seemingly encouraging to investors, Abacus summarizes by saying, “In crypto, it is becoming increasingly clear that the concept of following the money will eventually pay off big. Galaxy Digital and Michael Novogratz are leaving breadcrumbs all over the digital assets trail, and you’d do well to chase them, picking up every crumb along the way.”