Crypto Is ‘Once-in-a-Generation Move’, Says Mike Novogratz
Coinspeaker
Crypto Is ‘Once-in-a-Generation Move’, Says Mike Novogratz
Billionaire investor and prominent crypto bull Mike Novogratz has weighed in once again on the outperforming digital currency ecosystem. In an interview report published by Intelligencer, Novogratz whose firm Galaxy Digital Holdings Ltd (TSE: GLXY) operates cryptocurrency hedge funds believes the entire opportunities that are inherent in the crypto ecosystem are a once-in-a-generation opportunity.
Cryptocurrencies came into the limelight when Bitcoin (BTC) inventor Satoshi Nakamoto minted the very first Bitcoin back in 2009. Since then, a growing number of digital currencies has permeated the space, all seeking to redefine the narrative surrounding monetary policies, cash payments, and the broader offerings on offer by legacy financial institutions. While cryptocurrencies are proving to be a better financial instrument than fiat, they are also enriching investors at a pace never before seen.
While Bitcoin has a notable 372x Return on Investment (ROI) per data defined by crypto market aggregator CoinMarketCap, other newer cryptocurrencies are even known to have a higher rate of gain and ROI than Bitcoin. To those coming from the stock market or other traditional markets, this is quite astronomical.
“This wild acceleration that we’re seeing, where things are up 30 times, 40 times, 100 times, that’s not normal. It doesn’t happen very often,” Novogratz said adding, “It’s just that cryptos had a move that is a once-in-a-generation move. And I think people should understand that it’s not going to keep happening over and over. Like this idea that we’ve gone from not-an-asset-class to an asset class only can happen once.”
Mike Novogratz acknowledged that his total holdings in crypto now represent as much as 85% of his net worth. Despite this bullish stance and expectations for increased growth over time, Novogratz is advising crypto investors not to HODL to the point of depriving themselves of the basic things of life. In his own words:
“It’s fun to have been in the space when this stuff happens. Be prudent, take some chips and buy yourself a house if you can afford it, or a car, or at least at least a nice new jacket. You know, take some of those profits and put them into some joyful things.”
Mike Novogratz Take on Crypto, the Future of NFTs
Another major topic the investor dwelled on is the ecosystem and evolution around Non-fungible Tokens (NFTs). Novogratz acknowledged he is a big fan of NFTs and that though he does not own one yet, he has been bidding on some auctions which he did not get lucky with.
Novogratz believes we are yet to unlock the full potentials around NFTs. He said, “We literally have no idea where it’s going, partly because how we display our NFTs, that part of the equation isn’t even close to being started yet.”
In all, he said he believes NFTs have a big role to play in how we transition into the Metaverse, an evolution in digital advancement that will be enhanced by Augmented Reality (AR) glasses amongst other gadgets.