cryptocurrency

Ex-Goldman Sachs partner still believes in cryptocurrency – New York Post


Mike Novogratz, the former hedge fund manager and ex-Goldman Sachs partner, said in an interview published Tuesday that Galaxy Digital, the cryptocurrency merchant bank he founded, can break even next year even after bitcoin tumbled below $3,500.

“We’re not nervous,” Novogratz told Bloomberg. “We’re frustrated that our investors have lost money. We’ve got plenty of cash to run the business for a long time.”

Novogratz formed Galaxy after correctly predicting that bitcoin would rally to $10,000 and keep climbing. Bitcoin, however, began its plunge in January from its record of almost $20,000 as Novogratz raised money for the firm. Galaxy has since reported $136 million in trading losses, according to Bloomberg.

One of his investments is High Fidelity, a San Francisco firm combining blockchain — the ledger technology behind crytocurrencies — and virtual reality.

Bitcoin dropped 1.2 percent, to $3,363.51, according to CoinDesk. Another digital currency, Ethereum, decreased 2.3 percent, to $87.21.



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