Michael Novogratz, a former hedge fund manager at Fortress Investment Group and partner at Goldman Sachs, is a frequent commentator on bitcoin price action. He is the founder, CEO, and chair of Galaxy Digital Holdings, an investment fund that trades, manages, and advises on blockchain-related assets.2829
In September 2017, in the midst of what was then a bull market for cryptocurrency, Novogratz estimated that about 20% of his net worth was comprised of digital assets. He said he had made $250 million investing in bitcoin and ethereum and bought a private jet with the proceeds.30
In 2018, Novogratz founded Galaxy, contributing $302 million in digital and other assets. Other investors contributed C$302 million.31 In the March 2020 quarter, Galaxy reported $365.2 million in assets, down from $402.8 million held at the end of 2019. Galaxy held 13,338 bitcoin valued at $122.5 million.32
In November 2017, Novogratz famously predicted that Bitcoin could reach $40,000 by the end of 20184 —it peaked at $19,650 the following month and subsequently crashed to the $3,000 range over the following year. In February 2020, Novogratz said he expected Bitcoin could set a new all-time high in 2020.
