Crypto fund manager: You'll never see a bigger bubble than bitcoin... buy it anyway
By Shawn Langlois, MarketWatch
'Bubbles happen around things that fundamentally change the way we live'
But what about on the way down, Mike?
Well, the former Fortress Investment Group manager doesn't seem too worried about that part yet. After all, he's launching the Galaxy Digital Assets Fund, a $500 million hedge fund to invest in cryptocurrencies, initial coin offerings and other related companies.
Novogratz, according to sources cited by Bloomberg (https://www.bloomberg.com/news/articles/2017-09-26/mike-novogratz-is-set-for-comeback-with-crytocurrency-hedge-fund), will put up $150 million of his own money to go with the $350 million he plans to raise from other deep-pocketed investors, which would make for the biggest fund of its kind.
He claims he's had success riding the volatility.
"I sold at $5,000 or $4,980. Then three weeks later I'm trying to buy it in the low $3,000s," he told Bloomberg in an interview. "If you're good at that and you're a trading junkie, it's a lot of fun."
With numbers like that, it's easy to understand why Novogratz, who's been on a "self-imposed exile" since racking up losses at Fortress a couple years ago, is having fun trading cryptos.