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Bitcoin bull Mike Novogratz has increased his holdings in Galaxy Digital Holdings – the cryptic merchant bank he founded – to 79.3%, after acquiring a further 2.7% of his outstanding shares. Previously, Novogratz held a 76.6% stake.
The former hedge fund manager has acquired 7,500,768 ordinary shares for C $ 7.4 million (or US $ 5.4 million), according to a statement dated 2 January.
Goldman Sachs' alum now holds 221 million shares of Galaxy Digital, making it the largest shareholder of the New York bank.
The news has caused a huge spike in the price of Galaxy Digital shares.
Galaxy Digital Holdings is not listed on an American stock exchange, as an initial public offering would require at least two years of audited financial statements.
However, the company has negotiated the TSX Venture Exchange in Canada since August 2018. The Toronto-based TSX-V lists companies that are too small to be traded on Toronto's main stock exchange.
The galaxy is losing an average of $ 15 million a day
As reported by CCN, Galaxy Digital had a catastrophic 2018. The cryptographic bank lost $ 136 million during the first nine months of 2018 due to the loss of positions in the air, XRP and bitcoin during a protracted bear market.
Despite the relentless Crypto Winter, Novogratz predicts that bitcoin prices will rise to record levels in 2019, fueled by a spike in institutional investment.
In response to the skeptics who are happily celebrating the market crash, Novogratz stressed that it can be expected that the first setbacks are expected before a new technology achieves traditional acceptance.
"Revolutions do not happen from one day to the next," he joked.
"Revolutions do not happen overnight": because Mike Novogratz does not give up Bitcoin https://t.co/mouYzxgN3V
– CCN.com (@CryptoCoinsNews) 11 December 2018
To prove that he is putting his money where his mouth is, Novogratz has expanded its store, even if the encrypted prices have plummeted.
In November 2018, Novogratz hired another banker from Goldman Sachs to oversee Galaxy's consulting services arm. Novogratz, a former hedge fund manager, was himself a member of Goldman Sachs.
After raising $ 250 million in February 2018 to finance Galaxy Digital, Novogratz courted some of Goldman Sachs' top executives from the prestigious investment bank.
Bitcoin can replace gold as a store of value: VC
Mike Novogratz is not the only heavyweight market to bet big on crypto. As CCN has reported, venture capitalist Lou Kerner states that bitcoin is on track to replace gold as a repository of dominant value.
Lerner argues that opponents who have lost confidence in the market due to its current economic crisis are missing the forest for the trees.
Bitcoin on track to replace gold as a repository of dominant value: Crypto VC https://t.co/z1a8opYY44
– CCN.com (@CryptoCoinsNews) December 31, 2018
Kerner, the founding member of CryptoOracle, based in New York, states that the truly disruptive impact of bitcoin will not be fully realized up to years.
"We really believe that in 20 years, bitcoin will have created trillions of dollars in value similar to the Internet," said Kerner. "We are in the beginning."
Expert: Crypto is where the Internet was in 1992
Lou Kerner echoed the feelings of the Argentine technological entrepreneur Wences Casares, the founder of the bitcoin Xapo wallet. Casares, a serial entrepreneur who sits on the board of directors of PayPal, says that the cryptocurrencies today are where the Internet was in 1992 – in its early stages.
Casares says it could take 7 to 20 years to realize the full impact that the crypt will have to transform the world, as reported by CCN. Casares has been nicknamed Bitcoin's "Patient Zero" for his role in enhancing the crypto profile in Silicon Valley, where Xapo is based.
In recent years, Casares has persuaded his fellow millionaires and billionaires from Silicon Valley to buy bitcoins, convincing them that cryptography is the currency of the future. This is a sentiment echoed by Twitter billionaire Jack Dorsey, CEO of Square.
Featured image of Bloomberg / YouTube
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