The former Goldman Sachs partner and hedge fund manager sits down with Bloomberg to chronicle the wild ride of the last 18 months in cryptocurrency. Unsurprisingly, Novo is still undeterred by the drop.
The former Goldman Sachs partner and hedge fund manager made and lost a fortune on Bitcoin. He’s undeterred by its drop. No one on Wall Street embraced cryptocurrencies with as much gusto as legendary trader Mike Novogratz. After Jamie Dimon called Bitcoin a “fraud” in September 2017, Novo, as he’s known, predicted, correctly, it would hit $10,000 and keep climbing. The former hedge fund manager and Goldman Sachs Group Inc. partner became an unlikely hero of the crypto movement and a billionaire on paper. Emboldened, Novogratz announced he was starting a cryptocurrency merchant bank, Galaxy Digital Holdings Ltd. But as he was raising money for the firm in January, Bitcoin began its historic plunge. Galaxy has since reported $136 million in trading losses. Novogratz is undeterred.