Mike Novogratz Halts Launch Of Crypto Hedge Fund
A couple of weeks ago I made a post about Mike Novogratz’s thoughts on Bitcoin. However, that interview was recorded around September when digital assets like BTC were trading around ~$4,000. Now it appears that his plan to launch a crypto hedge fund have been stalled (understandably) due to the high levels of volatility we have been witnessing in the markets recently.
Novogratz predicts that BTC valuations may drop down to around $8,000 in the near future. To those that already own BTC, please don’t freak out and sell. Ride out the short-term volatility. I personally think the volatility has largely to do with two things: 1) Bitcoin Cash insider trading allegations 2) New tax reforms making stocks appear more attractive. Don’t even log into GDAX/Coinbase for a week or two if you can. This is the worst time to sell. This type of volatility is normal for an asset like this. To those that have yet to jump in, but are eager, placing limits to buy under $10,000 may be a good idea. There’s no doubt the crypto markets are frothy right now, especially at the end of the year where a lot of people, mostly retail investors I’m assuming, are taking profits off the table. It’s important to think like an institutional investor and don’t get emotional. Let me know if you plan to HODL (Hold Onto Dear Life) your BTC and other crypto’s or sell as soon as the market recovers from this downturn.