Princeton graduate, former army helicopter pilot, and Goldman Sacs trader, Mike Novogratz sat down with Bloomberg to deliver one of the most bullish interviews on crypto.
Novogratz is reportedly raising $500 million for a new cryptocurrency hedge fund, according to Bloomberg News.
In the 37-minute interview, Novogratz talks trading strategy, his personal portfolio, and views on the future of the blockchain.
Here are some of most interesting highlights from the interview:
He was roommates with Joseph Lubin in college
Lubin is one of the founders of the Ethereum Foundation and is now CEO of ConsenSys.
In 2015, Novogratz went over to Lubin’s ConsenSys office in Brooklyn and was expecting him with a dog and one assistant. Instead he saw 30 young people coding, talking on the phone, and making plans. Lubin had 84 employees while Ethereum was less than a dollar. Without delay Novogratz asked Lubin if he could give him $10 million.
Novogratz calls the Ethereum founders like Joseph Lubin and Vitalik Buterin revolutionaries who haven’t sold a single coin. He believes that their vision of blockchain and Ethereum are bigger them themselves.
People kept quitting his fund to work on blockchain
Novogratz would watch young people leave his fund or Goldman Sacs to go work on blockchain companies. Being a trader at Goldman Sacs is a very good job but young guys would quit to go work on crypto.
The Bloomberg host stated that all the smart minds used to go to Wall Street, then it was Google, then it was Facebook and now it’s crypto.
Bitcoin was an amazing experiment
And then there was Ethereum, which Novogratz describes like a public utility. But the real revolution is decentralization and the blockchain. We have gone from experiment to implementation.
He made a fortune from Ethereum
20% of Novogratz portfolio is in crypto, double what it was a few months ago. The former Goldman Sacs trader bought ETH at $1 and sold at $400 to make a quarter of a billion dollars. He had originally wanted to buy $200 million dollars’ worth which would be worth $700 million dollars now.
“This is going to be the largest bubble of our lifetimes.”
Novogratz said that bubble prices will form and the value will get far ahead of where they should be. You can make a whole lot of money on the way up and one point your going to need help. He concluded that there will be a lot of ICOs that are going to go zero
Novogratz said to Bloomberg:
“Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it.”
You can watch the entire Bloomberg interview below: