Mike Novogratz is already a known figure in the cryptocurrency community. He has been combating Jamie Dimon’s negative comments about Bitcoin. Besides that he is a former principal and macro fund manager at Fortress Investment Group (FIG). Mr Novogratz wants to rise $200 million dollars in order to create a banking business related to cryptocurrencies. Novogratz has decided to suspend his crypto hedge fund and open a cryptocurrency bank.
Mike Novogratz’s Cryptocurrency Bank
As reported some time ago at CoinStaker, Mike Novogratz has decided to suspend his hedge fund. He said that the cryptocurrency market was not in a good moment in order to start the fund. He commented this after Bitcoin lost almost 50 percent of its value in a matter of days, after reaching $20K.
According to the statement released by Bradmer Pharmaceuticals, Galaxy Coin, First Coin and Bradmer Pharmaceuticals announce a business combination in order to raise funds for the cryptocurrency bank.
The statement released reads as follows:
“Galaxy Digital will leverage its deep ties into Bitcoin, Ethereum and other protocol communities to drive returns from four core business segments: trading, principal investments, asset management and advisory.”
Novogratz believes in Blockchain and also in the most important cryptocurrencies in the market. Ripple, Ethereum and Bitcoin have a lot to offer and they are doing it quite well. Galaxy wants to complete the transactions by the end of the first quarter. At this point, the shares of Galaxy Digital Holdings will start trading.
The company will be listed on the TSX Venture Exchange, a Canadian exchange intended for small companies and businesses.
Hedge Fund in Pause or… a Better Opportunity?
Novogratz has supported bitcoin and cryptocurrencies in different occasions. He has even answered Jamie Dimon saying that he was a ‘rent taker’. As we have written before, Novogratz planned to launch a cryptocurrency hedge fund. But he decided to suspend it, at least at the moment.
In an interview with CNBC, Novogratz told:
“Bitcoin could be at $40,000 at the end of 2018. It easily could. Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well. There is a big wave of money coming, not just there but all around the world.”
At the moment, it seems that Mr Novogratz its waiting to buy during the dip. But, can Bitcoin keep losing its value or we have found the ground for this cryptocurrency? What about Ethereum and Ripple? And, is he looking at other alt-coins?
Image Courtesy of CNBC
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Tags:BankBanking SystembitcoinBitcoin Hedge FundBlockchain BankBTCCryptocurrenciesCryptocurrency BankCryptocurrency Hedge FundCryptocurrency InvestmentGoldman SachsMichael NovogratzMike NovogratzNovogratz