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Saturday, October 14, 2017

He made billions on Wall Street - now he's betting $500 Million that bitcoin will break $10,000...

Meet Michael Novogratz.  He's been a partner at Goldman Sachs, and principal at investment firm Fortress.

Now, he's dead set that cryptocurrencies will be the next market with huge returns.

He's such a believer, he's starting a $500 Million dollar investment fund - of which $150 million will be his own money. For the rest he plans on convincing other high profile and wealthy investors that blockchain is about to change the world.

"Blockchain will change the way we live" he said on CNBC. "This is not going away."

In fact, he's so excited about the future of cryptocurrency, he's come out of retirement just to claim his piece of the pie.  "I never thought I'd come out of retirement but the space is so exciting right now I decided to build a business".

While he may be the biggest, most well known to jump from Wall Street to crypto, he doesn't think he'll be the last.

"I can hear the herd coming" he says, and his involvement may be the tipping point for skeptical investors to follow him along.

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Author: Ross Davis
San Francisco News Desk