Hedge Fund Billionaire Invests 10% Net Worth into Bitcoin and Ether
The founder of Fortress Investment Group claims to have invested 10% of his overall net worth into cryptocurrencies.
Speaking at a Harvard Business School forum on Wednesday, Fortress Investment Group founder Michael Novogratz discussed his outlook on blockchain and digital currencies, according to a report by CNN Money.
CNN further detailed how Novogratz said he invested in ether when it was trading for just $1, having been impressed by ethereum founder Vitalik Buterin at a dinner party held at his home.
According to CoinDesk’s Ether Price Index, the cryptocurrency was trading at around $48 at the time of reporting.
While such outsized statements may seem unusual from a financial industry veteran, Fortress Investment Group was actually one of the earliest firms to show an interest in the sector, investing into a $150m hedge fund called Pantera Capital in 2014.
Novogratz was notably involved in the early formation of the group, according to reports at the time, serving as co-chief investment officer of Pantera Bitcoin Partners, the fund managed by Pantera Capital.
He stepped down as CIO of Fortress in 2015.
Novogratz image via YouTube
via CoinDesk http://bit.ly/2cyHU5o
April 21, 2017 at 02:30AM