Galaxy Digital CEO Mike Novogratz, interviewed on CNN on Dec. 8, has upped his recommendation for Bitcoin allocation for the average investor, saying that investors should put 5% of their net worth in the asset.
- Novogratz advised a 5% allocation, up from a 3% recommendation as recently as Nov. 2020
- Regarding Bitcoin’s price, he said that it could “certainly fall back to $14,000” but that it would not go back to zero
- Novogratz also said that his personal portfolio consisted of 50% in cryptocurrencies
- Echoing a remark made by Tyler Winkelvoss, Novogratz believes that the future will see “every single financial institution forced into this space”
- In Nov., Novogratz revealed that he had bought 500,000 ETH from the Ethereum Foundation for less than a dollar
- Galaxy Digital reported strong results in Q3 2020, with trading volume growing by 75% year-over-year to a record $1.4 billion