Topic: Billionaire Mike Novogratz says he has 10% of his money in Bitcoin and Ether - page 2. (Read 2889 times)

Most early adopters sold their BTC as soon as it reached a price of $10, $100 or $1000 (2013). You buy a Litecoin now for $14. If tomorrow it goes to $140, you'd sell it before the price crashes. You have to be extremely lucky not to do so and wait until it gets to $1400.

Except this, most people sold their BTC as soon as the price crashed in 2013 from $1300 to $500 (if I'm correct - I don't remember what the price was exactly), because of the fear it'd fall back to the 2010-2011 level. This was even me, because I bought in 2013's winter when it reached the ATH and sold a few months later. I sold it by buying a game which was worth $60. I paid $60 at the time, but now the transaction shows I actually paid $200 because of the BTC price difference. The fact that these kinds of rich BTC people are constantly sending AND receiving transactions worth MILLIONS shows us how these guys are either traders or millionaires/billionaires playing with the money.

Exactly, Im glad to see someone that looks at this from the correct perspective, not everyone who has insanely big balance on bitcoin wallet necessary has to be a early adopter, or the investor that has started to convert funds to bitcoins very early.

In fact, at the very beginning of cryptocurrency world, there was no real world demand on this kind of asset, most of the people interested abut that subject were simply enthusiasts, or people doing it for fun or because of the curiosity.
Only after such a big boom over the internet, we could have seen increase of the real demand, people were actually looking for ways to get the bitcoin but not through mining.
That has obviously created exchanges, markets and places where we can convert BTC to fiat, and reversed.

It's not about what we're trying to do. Look at Litecoin, and you'll see how Charlie Lee's words were understood in the wrong way and that crashed the price. It is the reality and we cannot stop this, unfortunately. Governments will NEVER stop trying to make Bitcoin the least decentralized currency it has ever been..

Investors have been here since the price grew up that fast in 2013. Bitcoin's price is fluctuating right now both because of the real demand and because of investors speculating the price. Check the Bitcoin rich list. Do you think the first 5-10 peopld are just day 1 investors? I do not think so. Maybe one or two of them, but not all. If someone sold $150.000.000 in BTC, the price would fall for a while. Again, you cannot stop this. It's about trading, and where you find trading... You find whales caring just about their profits.

Billionaire investor Mike Novogratz is betting big on digital currencies like Bitcoin and Ether.

"Ten percent of my net worth is in this space," Novogratz said at a forum held at the Harvard Business School Club of New York Wednesday. He declined to say exactly how wealthy he is, but he's a former hedge fund manager at Fortress Investment Group and a Goldman Sachs partner who made the Forbes billionaire list in 2008.
It's the "best investment of my life," Novogratz said.

Bitcoin was worth under $500 a year ago. Today the digital currency trades at over $1,200. Back in 2013, Novogratz predicted Bitcoin's value would soar. He remembers people laughing at him at the time.

Since then, Bitcoin's price has been on a wild run. It surged to nearly $1,000 in late 2013 and then fell to under $250 in 2015. It started to fly again last year, around the time of the Brexit vote. It surpassed $1,000 in January of this year again and has kept climbing.
Now Novogratz is saying Bitcoin will go to $2,000.

But he also warned the Harvard Business School Club crowd that there will "likely be a bubble" in digital currencies. The best way to handle it, he argues, is the old Wall Street trick of diversification. Put a little money in a lot of different plays in digital currency.

For example, Novogratz was also an early investor in Ether. It's another digital currency that has quickly emerged as the No. 2 rival to Bitcoin. Novogratz says he bought Ether when it was trading for about $1. Today it's worth over $48.

Novogratz met Vitalik Buterin, the young Russian brainchild behind Ether at a dinner party at a prominent CEO's home. He recalls that Buterin, then 21, showed up late, which struck him as shocking -- and a bit ballsy. He figured it was worth paying attention to Buterin.

Ether is a currency with a "smart contract" function that gives users additional security and abilities to transfer information in addition to monetary value.
We're witnessing the "3rd inning" of this digital asset revolution, Novogratz predicts. He's not exactly sure how it will play out, but he plans to continue investing in digital currencies and Blockchain, the revolutionary technology behind the scenes that makes Bitcoin work.

Blockchain is literally a digital ledger to record and track transactions. What makes it so technologically advanced is that multiple companies or parties can access the Blockchain and see the history of what happened to an asset.

Novogratz has emerged as one of the biggest Wall Street cheerleaders of Blockchain, but his bets haven't always gone so well. He exited Fortress in 2015 after the company shut down his Marco Fund for poor performance. It lost around 20% in its final year after his investments in emerging markets, especially Brazil, tanked.

"We have had an extremely challenging two years, and I do not believe the current environment is conducive to achieving our best results," Novogratz said at the time.

Pumps come along with dumps , that is the rule number one in crypto.

If you think you can attract people because of the constant pumps be sure that you're also discouraging people who lose their money during dumps.

And again you think that people will trust a currency that fluctuates because of government or investors speeches instead of real world demand?
This is how fiat works , are we trying to replicate everything that is wrong with it?

This could help BTC's price in a positive way: people could be starting to trust Bitcoin more and more.

But I'm pretty sure this is just one of the many big investors that put their money in cryptocurrencies. Just look at the big pump and dump schemes. Deposit $100k and buy a small coin - you'd drive the price to +10000% in minutes. If you have the money you need to pump it .. you can, at any time.

Regarding dumps, imagine now the same guy selling his $100k coins, now probably worth +$300k.... It would be impossible for the price to remain unchanged. Most investors hide their key investments... Maybe this guy wants to drive the price higher for him to profit off it. Look at an important person's speech live while also having the live Gold price next to it. One word can change the price from negative to positive and vice-versa. You might have not thought about it, but... Yes, every single word matters.

If Buffet looked at investing in bitcoin and altcoins, the market cap would boom around 10% instantly.

If Buffet looked at investing in bitcoin and altcoins, the market cap would boom around 10% instantly.

For a billionaire, if he is really one, it's a good experience to adopt crypto currencies and see what happens.