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Galaxy Digital founder and CEO Mike Novogratz is busy building his crypto-focused empire after sealing a $1.2 billion deal to acquire crypto trading platform BitGo, the biggest so far in the industry. In a recent interview, the billionaire discussed how crypto now comprises a large chunk of his wealth and offered his views on the potential price trajectory of Ether (ETH).
Novogratz explained that he never planned for 85 percent of his wealth to be tied up in digital assets. It’s just that with the crypto market rally, digital currencies now comprise a large chunk of his net worth.
“Like anybody in crypto, the last five months have kind of rocked our worlds in terms of what percentage of our net worth is in crypto,” the Galaxy Digital CEO told NYMag. “And I think I’m up to 85 percent in crypto.”
He revealed that he has other investments that he loves. For instance, he invested in a mushroom company and a chicken company called Bojangles. However, he admitted that he could not pass the chance of investing in digital currencies at this point.
“It’s just that cryptos had a move that is a once-in-a-generation move,” Novogratz explained. “And I think people should understand that it’s not going to keep happening over and over. Like this idea that we’ve gone from not-an-asset-class to an asset class only can happen once.”
The Galaxy Digital founder also believes that Ether (ETH), the native cryptocurrency of the Ethereum blockchain, seems poised to go higher. “You know, it’s dangerous to give predictions on the highs. But could it get to $5,000? Of course, it could,” he replied when asked how high it could likely go.
It must be noted that at the time of the interview, Ether was still trading at around $4,000. However, the recent market correction dragged ETH to as low as $1,900 last week. While the crypto has rebounded and it traded at $2,545.88 based on Coinmarketcap data, it’s still a long way off from its all-time high above $4,300.
