Galaxy Digital’s Mike Novogratz recommends strong exposure to Bitcoin, Ether, gold, silver, etc. for investors with high risk tolerance.
Wall Street veteran and Galaxy Digital founder Mike Novogratz recently shared his views on what an ideal investment portfolio for young and high-risk tolerance people would see. During his recent interview with Bloomberg Wealth, Novogratz added that he would invest in Bitcoin, Ether, Silver, Gold, and Chinese giant Alibaba.
Considering a scenario where one would be investing $100,000, Novogratz said:
“If they were young and had a high-risk tolerance, I’d be buying Alibaba stock. I’d be buying silver, gold, Bitcoin and Ethereum. That’d be my portfolio.”
For investors with lower risk tolerance, Novogratz recommends allocating only 30% in the above portfolio while recommending the rest of 70% in bonds and index funds.
Novogratz’s positive outlook on Bitcoin strengthened further when BlackRock applied for a spot Bitcoin exchange-traded fund (ETF) in June. He believes this application was the most significant Bitcoin development of 2023. “The most important thing that happened this year in Bitcoin is Larry Fink,” he added.
Novogratz added that initially, the BlackRock CEO was a non-believer of Bitcoin. “Now he says, ‘Hey, this is going to be a global currency. People around the world all trust it.’ He got ‘orange-pilled,’ as we say. Orange pill is when you take a nonbeliever, and you make them a believer in Bitcoin.”
Novogratz suggests that BlackRock’s involvement in Bitcoin is a step in the adoption cycle. It can potentially drive the price of Bitcoin to new highs, especially if the Federal Reserve begins to cut interest rates.
Bullish Calls on Bitcoin
BlackRock’s move into the Bitcoin world has got everyone thinking about the asset class and what the future could hold for it. Novogratz is not the only player who has turned bullish about the future of Bitcoin.
Robert Kiyosaki, a famous author known for his finance book “Rich Dad Poor Dad”, predicts that Bitcoin could soon reach a remarkable value of $120,000. Kiyosaki also mentioned the upcoming launch of a gold-backed currency by the BRICS nations, which include Brazil, Russia, India, China, and South Africa.
He believes this new currency could negatively impact the US dollar, possibly causing its value to decrease. Kiyosaki has been a long-time supporter of cryptocurrencies and sees Bitcoin as a disruptive force in the global financial system.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.