Just got done watching CNBC's Fast Money, and one thing in particular stuck out...
Well beyond the fact that they talk about bitcoin and cryptocurrency just about every episode now, aside from that, another thing really stuck out.
Today they had Mike Novogratz on the show, which if you aren't familiar he is a former hedge fund manager at Fortress Investment Group and worked at Goldman Sachs for some time before that.
He is currently a billionaire, infamous these days for being one of the bigger wall street bulls with a $40k price target on bitcoin by the end of 2018.
What's more, he is also launching his own crypto fund called Galaxy Investment Partners.
More about Galaxy Investment Partners...
Originally the fund was set to launch in early 2018 and was slated to be the largest crypto fund in the world with roughly $500 million under management.
Well, hearing from Mike today, they have decided they are going to launch by next week.
Yes, you read that right, a $500 million crypto fund is slated to launch as soon as next week!
Mike said he wished they were able to launch 3 months ago as it was much easier to find good prices to invest in things, but either way they will be coming online in a matter of days.
Go figure.
If you assume normal hedge fund leverage, there could be as much as $2.5 billion (5x $500 million) coming in to the crypto space over the coming weeks from this fund alone.
One more thing that really stuck out...
The other thing that really stuck out was that Mike said that the exchange Coinbase was literally "printing money" right now and that he wished they had bigger investments with them.
That is interesting to me because do you know who else is wishing the had a bigger stake in ol Coinbase right now?
Paypal!
Paypal partnered with Coinbase in a small way a few months back, when they had the chance to just buy the company outright. Oh I bet they are wishing they did now...
To recap:
Massive Crypto fund coming online next week.
If they employ normal hedge fund leverages, we could see up to $2.5 billion coming in from that fund alone.
Coinbase is literally printing money right now.
Paypal is a dud.
I think that about covers it. Stay informed my friends.
Image Sources:
https://www.coindesk.com/mike-novogratz-doubles-down-on-10000-bitcoin-prediction/
https://www.coinbase.com/dashboard
Follow me: @jrcornel
This sort of gives hope to those thinking bitcoin bubble may pop
Yeah appreciate @journeyoflife
We have a long way to go before that happens.
If bitcoin was a stock, it'd have split 5 times and be worth a few hundred dollars per share, and people would be like, "oh, cool, that company must be doing well" and then invest in Monsanto at $118 per share.
But bitcoin can't split, so the price looks gargantuan. Doesn't change the underlying value, which IMO is either $0 or more than $40k. Time will tell.
Good point about the stock splits. Haven't considered that. Look at the share price of Berkshire Hathaway.
Mike made a killing with ethereum. I think he made like 250 million.
250, after taxes :-D He's already a billionaire so what is another quarter bil?
I quite like the way Mike Novogratz thinks
Yeah, let's hope Bitfinex isn't also printing money.
Novogratz is cool and all, but he sure loves to pump his investments. I love how he casually mentioned EOS during one of his interviews on CNBC.
Sneaky dude.
Wouldn't you? ;)
Yo ,
Thanks for the great content
Incredible stuff, I wonder how this could be used to manipulate the price, however....
yes, price manipulation could be a factor. I think that it may be an issue over the next few months, but when we get enough funds like this coming into the market, it'll eventually grow too big to be manipulated easily
It is a great time to be alive isn't it? I'm making more money while I sleep than I can make at my job in an entire month!
Very interesting, I will keep an eye on the company... thank U
Agree
If this came to reality will be like.. Ready, set, launch.... ehehe
Thanks for the heads up. Mike is smart to get ahead of the crowd and start ASAP.