Novogratz At Forefront In Establishing $500-Million Cryptocurrency Hedge FundSeptember 26, 2017 9:52 pm
Former Fortress Investment Group principal Mike Novogratz is reportedly establishing a $500-million hedge fund that will focus on cryptocurrency and blockchain, Coindesk.com reported Tuesday.
Bloomberg News, citing a source with knowledge of the plans, reports Novogratz is investing $150 million of his own money – supplemented by an additional $350 million expected to be raised from outside sources – by the end of 2017.
Novogratz opted to neither confirm nor deny his plans when asked directly, according to Bloomberg News.
If the Bloomberg report is true, Novogratz’s initiative would represent the billionaire hedge funder’s most aggressive move in cryptocurrency to date, the report said.
Earlier this year, Novogratz revealed 10 percent of his net worth has been invested in bitcoin and ethereum, the report said. Speaking with Bloomberg, Novograts said his stake in the market has since grown.
Even if he isn’t setting aside funds to back a cryptocurrency-specific hedge fund, Novogratz made it clear he intends to take part in what he called “the largest bubble of our lifetimes.”
“This is going to be the largest bubble of our lifetimes,” Novogratz said. “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.”
– WN.com, Jack Durschlag