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Bitcoin billionaire shares wisdom about crypto currency market

Updated: Mar 28

Bitcoin billionaire shares wisdom about crypto currency market

In an interview, the Bitcoin billionaire Mike Novogratz shared some wisdom about the crypto currencies that he has learned as one of the most successful securities traders to date.

Novogratz worked as a securities dealer at a investment bank, and ran the hedge funds of the investment Fortress. He has been building a financial company for cryptocurrencies since 2015. Novogratz said that Bitcoin made him a billionaire again after he lost several hundred million dollars due to a bad investment in 2015 and was subsequently hit by the crisis.

The majority of his assets are in his company and invested in cryptocurrencies. According to Novogratz, the pandemic in particular changed a lot for Bitcoin. At the moment, the dominant mindset is that banks will continue to print money indefinitely for a very long time. People who are already wealthy in particular are currently earning money easily and quickly and the prices of most investments will also rise, according to Novogratz.

Novogratz sees great chance for the crypto world, especially in Europe. Because the continent is a hub and is currently on the advance. According to the billionaire, however, it is important that there is already a core group of developers and companies who are working on a secure blockchain. Even if the USA continues to dominate the market and is used as the basis, countries like Germany and China would become increasingly important.

The Possibility Of Getting Rich Through Bitcoins

Novogratz is critical of the possibility of getting rich through Bitcoins. While there are individuals who have actually become wealthy from Bitcoins, many of the billionaires have been wealthy before. According to Novogratz, bitcoins do not help to reduce inequalities: as a new currency, they would not bring about an equality-creating or revolution, but merely redistribute wealth.

Nevertheless, according to Novogratz, bitcoins are now considered a permanent investment that will not simply disappear again. It is only a matter of time before the largest institutions become part of the crypto world. Because institutions and companies that do not participate could experience a disadvantage in the future. Large companies or investment companies will therefore soon enter the crypto market, according to Novogratz.

The contents of this article are for informational purposes only and are not investment advice.

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