On October 24, Michael Novogratz, CEO and Chairman of the Board of Galaxy Digital, announced launching a new investment fund in November. According to Novogratz, to create his own fund, which will simplify the process of buying and storing bitcoin, he was inspired by the launch of Bakkt.
“It is just a Bitcoin fund that takes care of custody, takes care of pricing. It just allows people to invest in Bitcoin without having to set up a Coinbase account, without worrying that their phone is going to get lost.” - he said.
At the same time, the businessman was not embarrassed by the last collapse of Bitcoin. When the new Galaxy Digital fund does make its debut, it will streamline the BTC buying process and remove some of the pain points for investors.
“I’m hoping it holds here. $6,500 would be the next downside. I think you’ve got to get back through $8,200 first and if it gets back through $8,200 we’re then back in the $8,000-$10,000 range.” - added he.
At the same time, Novogratz is sure that bitcoin will rise in price three times in a year and a half. He also advised how much money should be invested in bitcoin. Novogratz also said that he had almost become an investor in the Telegram blockchain project, but missed the right moment because he could not decide for a long time.