Mike Novogratz, the founder of Galaxy Digital, shared his opinion on the ideal investment portfolio for a young investor with a high-risk tolerance during an interview with Bloomberg Wealth. He stated that if the investor had $100,000 to spend, he would place his bet on Alibaba stock, silver, gold, Bitcoin (BTC), and Ethereum (ETH). For those with a lower risk tolerance, he suggested allocating only 30% of the portfolio to these assets, with the rest going to bonds and index funds.
Novogratz’s confidence in Bitcoin was further strengthened by BlackRock’s application for a Bitcoin exchange-traded fund (ETF) in June. He called it “the most important thing that happened this year in Bitcoin,” and believed that Larry Fink, the CEO of BlackRock, had been “orange-pilled” – referring to the process of convincing non-believers of the merits of Bitcoin.
The Ripple vs. Securities and Exchange Commission (SEC) case, in which Ripple’s XRP token was partially classified as a security, was also mentioned by Novogratz. He viewed the decision as a victory for the crypto industry, as it demonstrates that “the rules are nothing close to clear.”
In conclusion, Novogratz believes that Bitcoin’s adoption cycle could lead to record prices, particularly if the Federal Reserve starts to cut interest rates.