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Novogratz cashes in on cryptocurrencies

Published 09/26/2017, 09:05 AM
© Reuters. Novogratz cashes in on cryptocurrencies
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  • The former macro BSD who was jettisoned from Fortress Investment Group after a rough run, is back, aiming to raise $500M ($150M of which will be his own) for his Galaxy Digital Assets Fund.
  • "This is going to be the largest bubble of our lifetimes ... Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it.”
  • In fact, Novo already has. Looking for something to do after Fortress, he visited a friend's cryptocurrency startup in Brooklyn in late-2015. Hooked, he bought about $500K of ether at less than $1 each. It quickly shot higher, and he bought more. Ether eventually surged to more than $2.5K. Novogratz said he made $250M on the trade - the biggest haul in his career. He paid his taxes, and bought himself a Gulfstream G550.
  • "Remember, bubbles happen around things that fundamentally change the way we live," says Novo, putting cryptocurrencies alongside railroads and the Internet. "When I look forward five, 10 years, the possibilities really get your animal spirits going.”
  • Related: OTCQB:BTCS, OTCPK:BTSC, OTCQX:GBTC, OTCPK:GAHC, OTC:ARSC
  • Now read: Digital Coin Collective Launched - Enjoy Exclusive Research From John S. Rhodes

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