Wall Street veteran Michael Novogratz held over 30,000 Bitcoin and 500,000 Ethereum at one point


Have you ever wondered how much cryptocurrency owns (or at least owned) Wall Street veteran Mike Novogratz?

In a recent podcast, he recently answered this question and also revealed his thoughts on Bitcoin and the broader cryptocurrency market.

How much Bitcoin and Ethereum did Mike Novogratz buy?

Mike Novogratz became an early Wall Street supporter of Bitcoin and Ethereum in 2013 and 2014. The former Goldman Sachs partner and former fund manager at Fortress recently spoke to Nugget’s News, a long-standing cryptocurrency and finance Youtube channel. date, to talk about its origin story.

During the one-hour interview, Novogratz revealed his personal cryptocurrency holdings, or at least what they once were.

Alongside investors like Pantera Capital’s Dan Morehead, Novogratz bought around 30,001 BTC, now worth $ 480 million, when the coin was trading around $ 100. He said he sold most of the coins on the way up, too. he still holds some to this day.

Speaking of Ethereum, he said he bought the cryptocurrency from the project’s founder, Vitalik Buterin. In an over-the-counter transaction, Novogratz bought 500,000 ETH from Buterin for $ 0.99 each. Novogratz joked that Buterin raised the price on him by one cent per coin because he was too slow to buy.

While that 500,000 ETH would now be worth $ 230 million and $ 725 million at an all-time high of ETH, the Wall Street investor admitted he sold a lot of them on the way up.

Novogratz specifically called back one time he gave a speech when ETH was at $ 80 and told the crowd they shouldn’t have seen a trending asset, so he proceeded to sell the coin the next day for $ 130.

He did not disclose how much Bitcoin and Ethereum he owns today, but has stated on numerous occasions that he has at least 25 percent of his net worth in liquid cryptocurrencies. As the CEO of Galaxy Digital, a crypto investment bank, he also has exposure to space through career and equity risk.

The Importance of Stan Druckenmiller’s Bitcoin Purchase

A sizable portion of the podcast was devoted to the news that Wall Street investor Stanley Druckenmiller had bought Bitcoin.

A friend of Druckenmiller, Novogratz said he thinks his peer endorsement of Bitcoin is arguably one of the biggest stories in this space in a long time. The investor tagged Druckenmiller as arguably the best investor of the past five decades, commenting on his 30-year track record of no losses for his investors.

Novogratz made similar comments when another billionaire investor, Paul Tudor Jones, made a similar approval in May.

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