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The cryptocurrency ecosystem has yet to succeed in attracting the general masses to take a jab at investing in bitcoin. Of course, with the leading cryptocurrency exhibiting massive fluctuations in price, people are apprehensive to invest their money.
As such, there are several groups and firms that have been trying to ease the transition from traditional investment to crypto investment to allay these fears. One such firm is Galaxy Digital Asset Management, which is under the umbrella of Galaxy Digital.
Chairman and CEO of Galaxy Digital Michael Novogratz recently sat down with CNBC and spoke about this matter. Although the discussion first started with the negative narrative that has blanketed the crypto-verse in recent weeks, the talk eventually meandered towards bitcoin investment.
Novogratz provides a brief overview of upcoming Bitcoin funds
Novogratz confirmed that Galaxy Digital will have a Bitcoin fund that will make it easier for people to get into Bitcoin. The CEO didn’t disclose a particular date when the fund will go live, however.
“It is just a Bitcoin fund that takes care of custody, takes care of pricing, it’s got one-week liquidity. It just allows people to invest in Bitcoin without having to set up a Coinbase account, without worrying that their phone is going to get lost,” Novogratz said.
Bitcoin funds supposedly launching in November
Now, CoinDesk reports that an inside source revealed that the bitcoin fund will be launching next month. And there will be two: The Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund.
The former will require investors to shell out at least $25,000, while the latter need more than $25,000 – both of which will provide assistance regarding “bitcoin storage, tax documentation, and client service support.” Despite the admission, however, Novogratz expressed some minor apprehension regarding Bitcoin’s price.
As of this writing, Bitcoin is exchanging hands at $7,466, a slight bump from its $7,300 level yesterday. The cryptocurrency is trying to regain its recent foothold of $8,200 just a few days ago. The price drop is attributed to the recent clouting that Mark Zuckerberg took from members of the U.S. Congress after trying – and failing – to convince the committee to support Libra.
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