The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Multi-Billion-Dollar Endowments Betting on Bitcoin, Says Crypto Titan Mike Novogratz

by Daily Hodl Staff
August 29, 2019
in Bitcoin

The CEO of crypto investment bank Galaxy Digital says institutions are starting to place their bets on Bitcoin.

In a new interview with Bloomberg TV, Mike Novogratz says three of the biggest endowments in the US have invested in crypto funds.

“The institutions who are making longer-term decisions are making sure they’ve got proper custody, making sure their ducks are lined up. And they’re slowly and steadily moving in. Most of the big endowments in the United States have already made their first bet in Bitcoin. That’s the Yale endowment, the Stanford endowment, Pennsylvania. Usually, they’re leaders. You’re going to see pension funds next.

And as more and more people get access to be able to buy Bitcoin when it’s on platforms like TD Ameritrade or Fidelity, you’re going to see a much quicker price move.”

Endowments have been quiet about their investments in Bitcoin and cryptocurrency. Harvard University, which has the biggest endowment in the US at $36 billion, is the only investor on the record. It also has a stake in Blockstack’s crypto token sale, conducted earlier this year.

Novogratz says he believes Bitcoin has outperformed the overall crypto market in 2019 because it has established a strong use case as a digital store of value, while many altcoins are still proving their worth.

“Where I think all the other cryptocurrencies – and why they’re not doing as well – is people are waiting to see, does an economy grow around them? Are they used? We buy on dips and we sell a little bit every time it rallies, but we have a big core exposure that we’re holding onto…

Put this in perspective. Ethereum is four years old. What I think 2017 did, that crazy bull market, is it gave people unrealistic expectations on how fast the blockchain revolution, the crypto revolution, is actually going to happen. Bitcoin itself found a niche case and that’s why it’s outperforming, and why I think it will continue to outperform. It’s kind of a finished product, but the rest of the crypto revolution is five or six years away from really impacting your everyday life.”

As for where the price of Bitcoin is heading, Novogratz says he thinks BTC is consolidating before another move to the upside.

“Put it in perspective. Bitcoin started the year at $3,800, traded at $3,500 and now it’s at $10,200. It’s up 200-odd percent already. It’s had a huge run. I think this is a bit of consolidation. It’s traded well given that the rest of cryptocurrencies haven’t done as well. So Bitcoin’s way outperformed cryptocurrencies and it’s holding its own. My sense is it’s getting ready for the next leg up.”

Novogratz says regulators in the US are taking their time with crypto and will slowly realize that crypto and blockchain technology is already part of the financial infrastructure.

“Here in the US, everyone’s waiting on the SEC for either an ETF or a Bitcoin mutual fund. We’re trying to move ahead with a Bitcoin mutual fund. We’re just in queue waiting for Jay Clayton to get more comfortable. I think if Canada goes first, they’re going to win a lot of business. I understand why the regulators are cautious, but the cow is out of the barn. Bitcoin’s got a $200 billion market cap or a $180 billion market cap already. You’ve got giant institutions that are participating in it. So this is not like a backwater experiment anymore. This is part of the financial infrastructure. It’s time for the regulators to catch up.”

You can check out the full interview here.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Script Network, SingularityNET and Stacks Bring Practical Solutions to Real-World Issues
    March 29, 2023
  • OKX To Open Office in Australia
    March 29, 2023
  • Metacade Raises Over $14.7 Million As Presale Sets To Close in 72 Hours
    March 29, 2023
  • Binance Expands AI-Powered NFT Generator Bicasso
    March 28, 2023
  • Open-Source Blockchain D-Ecosystem Raises $6 Million Ahead of IDO on March 29, 2023
    March 27, 2023
  • Bitget Becomes the First Centralized Exchange To Offer Financial Transparency Through Space and Time
    March 27, 2023
  • OKX Launches Turkish Lira Deposits and Withdrawals
    March 27, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$28,316.59
$28,316.59
2%
Ethereum
$1,802.53
$1,802.53
3.3%
Cardano
$0.380868
$0.380868
13.46%
XRP
$0.460298
$0.460298
19.52%
Dogecoin
$0.076029
$0.076029
5.81%

Spotlight

  • Shiba Inu’s Shibarium Aims To Process Transactions in Seconds for Less Than Pennies: New Public Documentation
    March 27, 2023
  • Coinbase Executive Says US Government Squandering Lead in Technology With Lack of Crypto Regulatory Clarity
    March 27, 2023
  • Top Analyst Says Bitcoin in the Calm Before the Storm, Predicts Big Breakout Through Long-Term Resistance
    March 27, 2023
  • Whales Abruptly Move 135,800,000 XRP As Altcoin Flashes Signs of Life – Here’s Where the Crypto Is Going
    March 27, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl