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Mike Novogratz, founder and CEO of Galaxy Digital, is revealing that his first delight in the cryptocurrency market was a purchase of 30,000 Bitcoin (BTC) and half a million Ethereum (ETH), both at the start of the game.
In an interview with Alex Saunders of Nugget News, the former hedge fund manager and outspoken crypto bull provided the inside scoop on how he got started in the cryptocurrency market.
“A friend of mine asked me about Bitcoin … I did 15 minutes of research and said ‘Eh, awesome technology, libertarians like it. It was 2012 … The Chinese were buying it. I was like’ It’s going to go higher. “.
My first Bitcoin purchases were around $ 95. They were very speculative. I bought it because I thought it would go up. And as I started looking at it and digging, I thought “It could be cool.” So I called a friend of mine named Dan Morehead from Pantera … I said “Morehead, take a look at this, I don’t have enough time”, and after two weeks he called me back saying “Dude, this will change the world … ‘
So we decided … we were going to buy some Bitcoin. And thanks to Dan, he bought a lot. We were much richer than Dan at the time. He bought a lot of Bitcoin, around 30,000 Bitcoins for himself. So we said to ourselves “We’ll take $ 30,001″, because we couldn’t let him have more than we had. ”
Novogratz continues to talk about when he planned to sell his BTC stack and how his partner stopped him from doing so.
“I actually wanted to sell it for 1,000. That had been my plan: sell it and buy a jet … My partner [Pete] Briger didn’t let me. He was so adamant … He said ‘I’m doing you a favor. This will go much higher. We never want to sell it. “”
Once Novogratz got deeper into the crypto scene, it wasn’t satisfied with just its investment in BTC. It also went hard for Ethereum.
“My first Ether, I actually bought it from Vitalik [Buterin]… I met him once at a dinner and he remembered me, but he didn’t know me, but they thought it was good for the community to have a Wall Street guy buying, so I bought half a million Ether at $ 99 cents.
He changed the price on me at the last minute from $ 0.98 to $ 0.99, because I waited too long and the price went up. And then I really became a lot more of a crypto maniac. “
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