Despite its sudden rise to a new all-time high of $4,362 earlier this month, billionaire investor and crypto maverick, Mike Novogratz believe Ethereum will rise in value that has more upside potential.
How Much Net Worth Does Mike Novogratz Hold?
The founder and CEO of digital asset merchant bank Galaxy Digital reveal the reasons that keep him bullish on the second-largest crypto asset in a new interview with New York Magazine:
“It was a true definition of tailwinds all at once,” says the narrator. We already had payments and safe coins, which gave Ether a big boost last year. But then, all of a sudden, you have decentralized finance (Defi) and non-fungible tokens (NFTs) on Ethereum at roughly the same time, both growing at a breakneck pace. And you begin to believe that, oh, this is going to be the supercomputer that will solve all of humanity’s problems.
Novogratz Predicts Ethereum Will Rise And Will Increase His Crypto Investments
The ETH/USD pair is expected to hit a new high of $2,600 in the coming sessions, according to Mike Novogratz, a well-known hedge fund manager, and early Bitcoin investor.
Novogratz is the founder and CEO of Galaxy Digital, a financial services firm that has invested heavily in both Bitcoin and Ethereum. The leading smart contract network, according to Mike Novogratz, has the potential to rise by more than 30% from its current value of $3,825.
“Listen, all markets correct; it’s almost likely to happen – it’s just the math. But it’s a huge number. And, listen, Ether seems to be on its way to a far higher price now…
It’s risky to make predictions on the highs, you know. Can it, however, reach $5,000? Of course, it is possible.”
Despite the broader crypto market’s meteoric rise, Novogratz emphasizes that he has more than doubled his investments in the emerging sector.
“Like anyone in crypto, the last five months have shattered our lives in terms of how much of our net worth is in cryptocurrency. And I believe I’m up to 85% in crypto…
People should realize that this isn’t going to happen again and again. This notion that we’ve gone from not-an-asset-class to an asset class can only happen once, for example.
But the rapid acceleration we’re seeing, with prices rising 30 times, 40 times, and 100 times, isn’t natural. It doesn’t happen all that much…
Take some chips and buy yourself a home, or a motorcycle, or at the very least a cool new jacket if you can afford it.”