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Technology Mike Novogratz Wants to Bring Bitcoin to the 1% With New Funds

15:45  19 november  2019
15:45  19 november  2019 Source:   bloomberg.com

CME to start offering options on bitcoin futures early next year

  CME to start offering options on bitcoin futures early next year CME to start offering options on bitcoin futures early next yearCME launched bitcoin futures in December 2017 and has signed up 3,300 individual accounts and had 20 successful expiration settlements since then, the company said.

Mike Novogratz . Bitcoin investors have tended to be younger and more tech savvy, though the under-35 crowd in the U.S. has seen its share of wealth decline. We wanted to create something that could plug into the existing infrastructure.” The Galaxy Bitcoin Fund requires a ,000 minimum

Investor and cryptocurrency bull Mike Novogratz has fine-tuned his Bitcoin price outlook, repeating to Bloomberg Monday, October The Galaxy Investment Partners creator, who is known for his optimism about Bitcoin ’s future, had previously called a “bottom” Are you sure you want to delete this chart?

(Bloomberg) -- Michael Novogratz’s Galaxy Digital Holding Ltd. is starting two Bitcoin funds for accredited and institutional investors with a demographic profile that hits close to home.

The 54-year-old billionaire is targeting “the wealth of America,” or people between 50 and 80 who may have stayed largely on the sidelines of cryptocurrency investing, Novogratz said in a phone interview.

Bitcoin investors have tended to be younger and more tech savvy, though the under-35 crowd in the U.S. has seen its share of wealth decline. The top 1% of the country’s wealthiest now control 40% of assets, according to a 2017 study. Galaxy’s funds aim to charge lower fees than rivals such as the Grayscale Bitcoin Trust, and offer third-party custody from the Bakkt consortium and Fidelity Investments.

JPMorgan Says ICE Debut, Position Shakeout Likely Tanked Bitcoin

  JPMorgan Says ICE Debut, Position Shakeout Likely Tanked Bitcoin Bitcoin’s 20% drop earlier this week was likely fueled by the effect of Intercontinental Exchange Inc.’s new futures contracts and an unwinding of long positions, according to JPMorgan Chase & Co. The cryptocurrency’s plunge, its biggest in a week since last November, took it from around $10,000 to a close Friday of $8,061. Though the strategists led by Nikolaos Panigirtzoglou were quick to point out that the introduction of physically delivered futures was a further step to maturity for the market, they said it probably depressed prices.

After Fidelity Investments’ custody solution announcement, Mike Novogratz is eyeing a mass institutional entry in the next six months. Investor and cryptocurrency bull Mike Novogratz has fine-tuned his Bitcoin price outlook, repeating to Bloomberg Monday, October 15, that it would not break

Mike Novogratz has delayed his planned 0 mln cryptocurrency hedge fund , says further losses could be possible as Bitcoin could drop as low as Speaking to Bloomberg , Mike Novogratz said. We didn’t like market conditions and we wanted to re-evaluate what we’re doing. I look pretty smart

“The existing landscape for accessing Bitcoin is incomplete,” Steve Kurz, head of asset management at Galaxy Digital, said in a phone interview. “We are trying to offer secure service providers, low fees, simple access to Bitcoin. We wanted to create something that could plug into the existing infrastructure.”

The Galaxy Bitcoin Fund requires a $25,000 minimum investment and funds can only be withdrawn quarterly, while Galaxy Institutional Bitcoin Fund has weekly liquidity and a higher initial threshold. Bloomberg LP, parent of Bloomberg News, will be the pricing agent. The funds have been seeded with Galaxy’s own money, and some of its existing investors participated as well, Kurz said.

Novogratz said he anticipates that traditional financial services companies will let users invest in Bitcoin in the next 12 months. He also said the new Bitcoin funds could attract investors currently buying gold.

Novogratz Warns Bitcoin’s Next Leg Lower Could Take it to $6,500

  Novogratz Warns Bitcoin’s Next Leg Lower Could Take it to $6,500 In the wake of Wednesday’s more than $600 plunge, Bitcoin maven Mike Novogratz warned that the digital currency’s next leg lower could take it all the way down to $6,500. That would represent a 13% drop from current levels. “There’s been a bunch of negative things that have happened recently,” the chief executive officer of Galaxy Digital Holdings Ltd. said in a television interview with CNBC on Thursday. He added that Bitcoin will “need new energy” to make a move back to the $8,000 range.

Mike Novogratz no longer stands by his USD 10K Bitcoin price prediction for 2018 Considering cryptocurrencies as bare financial instruments, this class of investors has been held back from entering the market due to uncertainty surrounding the storage of cryptographic keys that allow access to the

Michael Novogratz , the former macro manager who’s turned into one of the biggest champions of bitcoin , shelved plans to start a cryptocurrency hedge fund and predicted that the digital money may extend its "I didn’t want to have to deal with the schizophrenic emotional side of it," Novogratz said.

a close up of a black background: Crypto Roller Coaster© Bloomberg Crypto Roller Coaster

“You are seeing Bitcoin way outperform other coins right now, and I think that will continue until these coins start to get used for things,” Novogratz said. “You also get more credentialed people -- there are probably 20 billionaires I could name that made their money outside of crypto and are in crypto now. Every speculative asset needs people to tell the story, and people are buying the story.”

The funds join many other new cryptocurrency services targeting institutional investors at a time when many such investors continue to stay away.

“It’s not a stampede by any stretch, but people are all doing their work,” Novogratz said. “The next wave will come from the wealth advisers, maybe with endowments and small foundations participating.”

To contact the reporter on this story: Olga Kharif in Portland at okharif@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Rita Nazareth

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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