Key Takeaways
- • Galaxy Digital Capital Management, led by billionaire Mike Novogratz, is partnering with Bloomberg to launch what is described as the first index tracking the largest digital assets, including bitcoin and Ethereum.
- • The Bloomberg Galaxy Crypto Index comprises 10 cryptocurrencies, with Ethereum and bitcoin each weighted at 30%, diversified across stores of value, mediums of exchange, smart contract protocols and privacy assets.
- • Novogratz told FOX Business that he expects major institutions to enter the space within three to 12 months, and said some lesser-known crypto exchanges are generating $300 million within a three-month period.
- • Novogratz predicted bitcoin could eventually take the place of gold, though he does not expect it to replace the dollar or euro soon.
- • Warren Buffett called bitcoin "rat poison" and Charlie Munger compared trading it to trading turds, highlighting sharp disagreement among prominent investors.
Summary
Billionaire investor Mike Novogratz argues that cryptocurrencies are becoming mainstream, and his firm, Galaxy Digital Capital Management, is working with Bloomberg to launch a cryptocurrency index. According to FOX Business, the index is the first of its kind to track the performance of the largest digital assets, including bitcoin and Ethereum.
The Bloomberg Galaxy Capital index measures 10 cryptocurrencies, with Ethereum and bitcoin weighted most heavily at 30% each. Constituents are diversified across categories of digital assets, including stores of value, mediums of exchange, smart contract protocols and privacy assets.
Speaking with FOX Business' Maria Bartiromo in an interview on Friday, Novogratz said, "I keep saying the herd is coming," and added that he would be surprised if the New York Stock Exchange did not "do something really exciting in the next three to 12 months." He also said some little-known crypto exchanges are making $300 million within a three-month period, and that large legacy institutions are unlikely to let that opportunity go unaddressed for long. He predicted that legacy companies would face major change but would "fight back" rather than simply lose ground.
Novogratz said bitcoin may not replace the dollar or the euro anytime soon, but he predicted it could eventually take the place of gold.
Not all prominent investors share his outlook. Earlier that week, speaking with FOX Business' Liz Claman, Warren Buffett called bitcoin "rat poison," and his business partner Charlie Munger likened trading it to trading turds.
The Bloomberg Galaxy Capital index measures 10 cryptocurrencies, with Ethereum and bitcoin weighted most heavily at 30% each. Constituents are diversified across categories of digital assets, including stores of value, mediums of exchange, smart contract protocols and privacy assets.
Speaking with FOX Business' Maria Bartiromo in an interview on Friday, Novogratz said, "I keep saying the herd is coming," and added that he would be surprised if the New York Stock Exchange did not "do something really exciting in the next three to 12 months." He also said some little-known crypto exchanges are making $300 million within a three-month period, and that large legacy institutions are unlikely to let that opportunity go unaddressed for long. He predicted that legacy companies would face major change but would "fight back" rather than simply lose ground.
Novogratz said bitcoin may not replace the dollar or the euro anytime soon, but he predicted it could eventually take the place of gold.
Not all prominent investors share his outlook. Earlier that week, speaking with FOX Business' Liz Claman, Warren Buffett called bitcoin "rat poison," and his business partner Charlie Munger likened trading it to trading turds.
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