Ex-fund manager Michael Novogratz has said in an interview that he believes the value of a bitcoin will reach $10,000 in six to 10 months.
Putting his belief into practise, Novogratz, a former principal at investment firm Fortress and an ex-partner at Goldman Sachs, said he is leaving retirement to start a $500 million fund for cryptocurrencies, token sales and related startups.
Named the Galaxy Digital Asset fund, Novogratz indicated he has committed $150 million of his own money to the venture, and aims to raise the rest by January, CNBC reports. The remaining funds will be raised by wealthy individuals and other hedge fund managers.
Rather than focus on a narrow range of cryptocurrencies, the billionaire intends to invest indiscriminately across the industry, or "play the whole ecosystem," he explained.
Full story at http://bit.ly/2i3rQxY
Source: CoinDesk
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