Mike Novogratz, CEO and founder of Galaxy Digital, spoke in an interview with CNBC praising the vegetarian meat startup, Beyond Meat, and further stating his “fearful” price of Bitcoin (BTC). The cryptocurrency enthusiast further called on investors to invest some of their wealth in cryptocurrencies.
Novogratz to investors: Have 2-3 % of the Wealth In Crypto
In the interview with Squawk Box on CNBC, Novogratz urged investors to expose some of their assets to cryptocurrency given the massive potential the industry holds.
The Galaxy Digital founder has a huge amount of wealth invested in Bitcoin and other cryptocurrencies. On the question of what the normal person should invest in crypto, the billionaire said,
“I think they [the average investor] should invest two to three percent in crypto.”
— Squawk Box (@SquawkCNBC) August 1, 2019
Novogratz also places 7% of his wealth in gold despite sections in the cryptocurrency field such as Grayscale Bitcoin Investments Trust calling on investors to drop gold. He holds a much larger portion of his wealth in crypto than gold given he is
“a speculative investor.”
“I’ll Get Nervous if Bitcoin Hits…”
Bitcoin (BTC) is currently on an upward trajectory trading at $10,500 USD across major exchanges, up 5% in the past 24 hours. This represents a sharp rise from lows of $9,000 USD recorded in mid-July as the cryptocurrency market slumped below the $300 billion USD mark.
“I think if it goes below $8,500, I’ll get nervous. If it goes below $6,000, I’ll get real nervous,”
Idaho Senator: U.S Government Can’t Ban Bitcoin
There has been a number of calls from the financial authorities in U.S to regulate the cryptocurrency arena. Amidst the calls, some Senate members such as Idaho representative, Senator Mike Crapo, have come out strongly to defend Bitcoin. Crapo said the government has no power to ban Bitcoin even if they wanted to. He explained,
“I’m pretty confident we couldn’t succeed in doing that because this is a global tech, a global innovation.”
Novogratz also agrees with Crapo’s opinion explaining that BTC does not directly compete with the US Dollar but gold. Furthermore, the increased surveillance in the US and Europe is raising up credibility amongst companies and corporations wanting to use Bitcoin.
Beyond Meat in A Bubble Fueled by Innovation
During the interview, Mike Novogratz says that the parabolic rise of Beyond Meat, the vegetarian meat startup, reminds him of the cryptocurrency field in 2017.
He says that the increased innovation in Beyond Meat may prove to be its downfall. The price of Beyond Meat token stood at $234 dollars on 26th July, a price that Mike doesn’t believe it merits. He said,
“You get great bubbles on big ideas, this is a great bubble, I mean, it’s a ludicrous price, but everyone got sucked in. All the young guys on their Robinhood accounts are buying this, and this is their crypto […] and then reality does set in.”
Beyond Meat: Is the $239 all-time high price reached on 26th July justifiable? (Image: CNBC)