Hedge Fund Billionaire Invests 10% Net Worth into Bitcoin and Ether

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A former principal at Fortress Investment Group claims to have invested 10% of his total internet value into cryptocurrencies.

Speaking at a Harvard Business School discussion board on Wednesday, Michael Novogratz mentioned his outlook on blockchain and digital currencies, in line with a report by CNN Money.

Participating on panel that included representatives from Microsoft and CME Group, Novogratz stated he has invested in each bitcoin and ether, the cryptocurrency that powers the ethereum blockchain, calling the strikes the “best investment” of his life, the report stated.

CNN additional detailed how Novogratz stated he invested in ether when it was buying and selling for simply $1, having been impressed by ethereum founder Vitalik Buterin at a cocktail party held at his house.

According to CoinDesk’s Ether Price Index, the cryptocurrency was buying and selling at round $48 on the time of publication.

While such outsized statements could appear uncommon from a monetary trade veteran, Fortress Investment Group was truly one of many earliest corporations to indicate an curiosity within the sector, investing into a $150m hedge fund referred to as Pantera Capital in 2014.

Novogratz was notably concerned within the early formation of the group, in line with studies on the time, serving as co-chief funding officer of Pantera Bitcoin Partners, the fund managed by Pantera Capital.

He would later step down from his place as CIO of the Fortress Macro Fund, which represented roughly three% of the agency’s complete property below administration, on the time it was closed.

Correction: An earlier model of this text mistakenly referred to Novogratz because the founding father of Fortress. This has been revised.

Novogratz picture through YouTube

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