Carlyle co-founder David Rubenstein’s new book “How to Invest: Masters on the Craft” has been published. The book questions why billionaires make so much money and compiles the commonalities among these rich. One of the billionaires the book examines is Galaxy Digital CEO and cryptocurrency billionaire Mike Novogratz. Accordingly, Novogratz turned his crypto investments, which started with $ 8 million, to billions of dollars. So how did he do it?
How did the cryptocurrency billionaire turn 8 million into billions?
It is the flexibility of big investors to invest in all areas of life. They can bet on any asset class, including cryptocurrencies. The book examines the common traits of these billionaires. Accordingly, one of the key features is the ability to defy conventional wisdom, something that billionaire crypto investor Mike Novogratz does well. His ability to bet on one of the most volatile asset classes brought him huge returns.
Novogratz is best known for founding Galaxy Digital, a digital asset investment management company. But before that he was a partner of Goldman Sachs. He also served as the chairman of Fortress, a private equity firm. Novogratz came across Bitcoin in the early days, in 2013. The billionaire was extremely impressed with BTC’s ability to act as a digital signature. Therefore, he made a speculative bet on him. Since then, Novogratz has managed to turn an $8 million cryptocurrency investment into billions of dollars.
How did Novogratz meet cryptocurrencies?
Cryptocurrencies are risky assets with extreme volatility. Also, the field is frequently on the agenda with useless projects and scams. Yet Novogratz’s belief in digital assets stems from his belief that it is a revolutionary intergenerational technology. He learned this when he visited an old college friend who was one of the founders of the Ethereum project. Novogratz said:
“Then I realized that this entire group of people was planning a revolution to disrupt almost every industry. They wanted to do things in a much more egalitarian, transparent way. I’ve always seen crypto as a progressive movement, although many libertarians love it. Crypto, at its core, goes after renters. It goes after banks and insurance companies.”
“Cryptocurrencies protect against inflation”
The billionaire continues to witness the motivation that has driven many young investors to the sector to date. Novogratz added that cryptocurrencies are attractive because they offer protection against the risks of fiat currencies. Novogratz particularly cited the Turkish lira as an example in this regard. He said this is true in places like Turkey, where the lira has fallen by about 80% in the last three years.
Why is Novogratz such a Bitcoin advocate?
Novogratz looks at crypto from two angles. One is that Bitcoin acts as a store of value or as technology-driven Blockchains like Ethereum. The second is the existence of ecosystems tasked with creating infrastructure that can provide different types of benefits. Investing in technology-driven cryptocurrencies is not suitable for the average person, according to Novogratz. According to him, if you are not following the market closely, it would be useful to concentrate on Bitcoin and Ethereum.
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