Wall Street investor Mike Novogratz recently revealed, in a conversation on Nugget’s News with Alex Saunders, how much Bitcoin and Ethereum he had at one point. Also, he talked about the market.
Certainly, Mike Novogratz’s involvement in Bitcoin started when he first bought cryptocurrencies. Before retiring from Fortress and becoming the CEO of Galaxy Investment Partners.
How much Bitcoin and Ethereum did Mike Novogratz start with?
Novogratz, a former partner at Goldman Sachs and a former manager of the Fortress Investment Group, has invested in 30,000 BTC, which is now estimated at $ 480 million. By the way, the investor started when Bitcoin was worth only $ 100.
Indeed, Mike Novogratz revealed that his first foray into the cryptocurrency market was a purchase of 30,000 Bitcoins (BTC) and half a million Ethereum (ETH).
My first Bitcoin purchases were around $ 95. They were very speculative. I bought it because I thought it would go up. And when I started looking at it and probing, I thought this might be great. “
He went on to narrate his experience: “So I called a friend named Dan Morehead from Pantera Capital. I said, look at this, I don’t have enough time, And after two weeks he called me and said, man, this is going to change the world. So we decided, Pete Briger, my other partner, Dan and I, that we would buy a lot of Bitcoin.
In fact, Novogratz goes on to talk about when he planned to sell his BTC stack and how his partner prevented him from doing so.
‘Ultimately, I wanted to sell it for 1,000. That had been my plan, to sell it and buy a jet. My partner Pete Briger wouldn’t let me. He was so adamant about telling me: I’m doing you a favor. This is going to go much higher. We never want to sell it.
Speaking about Ethereum, he said that he bought the cryptocurrency from the founder of the project, Vitalik Buterin. Generally in an over the counter transaction.
“My first ETH, I actually bought it from Vitalik Buterin. I met him once at a dinner party and he remembered me. But, they thought it was good for the community to have a guy from Wall Street buy, so I bought half a million Ethereum for 99 cents. “
Basically, Novogratz bought 500,000 ETH from Buterin at $ 0.99 each. Likewise, Mike Novogratz joked that Buterin raised the price for him, by a penny per coin, because he was too slow to buy.
The importance of buying Bitcoin
Along the same lines, the podcast discussion also focused on a purchase of Bitcoin by Wall Street investor Stanley Druckenmiller, a friend of Novogratz.
In summary, Mike Novogratz said that he believes that the endorsement of Bitcoin by his friends is probably one of the most important stories in this space in a long time.
The investor rated Druckenmiller as the best investor of the last five decades. Commenting on his 30-year no-loss track record for his investors.
Similarly, Novogratz showed similar ideas when billionaire investor Paul Tudor Jones made a similar endorsement in May.
Ever wonder how much cryptocurrency investor Mike Novogratz owns?
As a curious fact, he did not reveal the amount of Bitcoin and Ethereum he owns today. But he mentioned, that he has a net worth of at least 25% in liquid cryptocurrencies.
In short, it continues to invest in projects related to Blockchain technology, with Galaxy Digital.
As a closing I leave you with this phrase from Warren Buffett: «Do not save what is left after spending. If you don’t spend what’s left after saving.