The diversity of famous people in the investment world is well known. However, sometimes they manage to agree on elementary points. In this case, both Michael „Mike“ Novogratz and Dave Portnoy maintain that Bitcoin is an excellent long-term investment option, and even say it’s better than gold.
First of all, Novogratz is a veteran Wall Street fund manager and cryptomoney expert. He is also the founder of Galaxy Digital Holdings Ltd.
For his part, Portnoy is the brazen founder of a media empire, Barstool Sports, which recently began promoting stocks and has despised Warren Buffett.
As you can see, they are quite different personalities and points of view. However, they agreed in recommending Bitcoin as a fairly good long-term investment bet.
Bitcoin was not deterred by the $1,500 drop, it continues to target 12k
How did Novogratz and Portnoy coincide?
Novogratz said that although he sees gold rising above its historical highs, Bitcoin remains the most valuable investment because it is „harder to buy“ than gold. Specifically, he said so in an interview on Bloomberg. He also said that about 25% of his net worth is linked to this cryptomoney.
Bitcoin or gold, the eternal dilemma of those who want to safeguard their assets but make a profit from it. We know the differences between the two, but in this case, two expert investors recommend it and position it as a better long-term option than the precious metal.
Bitcoin or gold, the eternal dilemma of those who want to protect their assets but make a profit from it. We know the differences between the two, but in this case, two expert investors recommend it and position it as a better long-term option than the precious metal.
Nevertheless, Novogratz recognizes that Bitcoin is still a long way from having the adoption that gold has today. He mentioned this when comparing the market capitalization of both assets, with gold being larger by a wide margin. In that sense The News Spy, he doesn’t recommend that beginners put more than 1-2% of their money into this crypt currency.
The truth is that, now, more institutions and banks are considering how to enter the world of cryptomonies. If this is compared in hindsight, we will see that it was not long ago that it was thought that this technology would be short-lived.
In the meantime, Portnoy explained that he became interested in cryptomonies when he saw Cameron and Tyler Winklevoss commenting on them in an interview he gave them. It should be noted that these brothers were precisely the ones who founded the Exchange Gemini Trust.