The billionaire and founder of Galaxy Digital, Mike Novogratz, believes that Bitcoin is a profitable and reliable investment for all investors. He said in an interview with Yahoo Finance Live.
“Everyone should allocate 2% to 3% of their net worth into Bitcoin, and then look at it in five years — the assets will be much larger,” the investor said.
Novogratz noted the probability that Bitcoin’s price will be volatile in the near term, but should not fall below $12,000.
According to him, the recent rise in the price of the premier cryptocurrency has been driven by “big players” and private investors.
“This rally is being driven by institutions slowly entering the industry, wealthy private investors, hedge funds, and real institutions. Bitcoin has become a macro asset,” Novogratz said.
He also stressed that altcoins are not suitable for ordinary investors:
“You can lose 60% of your funds in a day. And I’m warning you frankly: if you’re going to “play” with such things, do it with small amounts and know what you’re doing.”
Earlier, Novogratz told of buying his first bitcoins and Ethereum.
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