Hedge Fund Trader Invests 10% Net Worth into Bitcoin and Ether

A former principal at Fortress Investment Group claims to have invested 10% of his overall net worth into cryptocurrencies.

Speaking at a Harvard Business School forum on Wednesday, Michael Novogratz discussed his outlook on blockchain and digital currencies, according to a report by CNN Money.

Novogratz said he has invested in both bitcoin and ether, the cryptocurrency that powers the ethereum blockchain, calling the moves the “best investment” of his life, according to the report.

CNN further detailed how Novogratz said he invested in ether when it was trading for just $1, having been impressed by ethereum founder Vitalik Buterin at a dinner party held at his home.

According to CoinDesk’s Ether Price Index, the cryptocurrency was trading at around $48 at the time of reporting.

While such outsized statements may seem unusual from a financial industry veteran, Fortress Investment Group was actually one of the earliest firms to show an interest in the sector, investing into a $150m hedge fund called Pantera Capital in 2014.

Novogratz was notably involved in the early formation of the group, according to reports at the time, serving as co-chief investment officer of Pantera Bitcoin Partners, the fund managed by Pantera Capital.

He stepped down as CIO of the Fortress Macro Fund, which represented roughly 3% of the firm’s total assets under management, at the time it was closed.

Novogratz image via YouTube

EtherFortress Investment GroupInvestorsPrices

Comments

comments

Filed in: Bitcoin Buzz Tags: ,

You might like:

Welcome to Bitcoin Country: Silk Road and the Lost Threads of Agorism Welcome to Bitcoin Country: Silk Road and the Lost Threads of Agorism
Better in Byzantium? Ethereum Takes Baby Steps Toward a Privacy Boost Better in Byzantium? Ethereum Takes Baby Steps Toward a Privacy Boost
Money Manager Josh Brown: 'ICOs Are Where The Frauds Will Take Place' Money Manager Josh Brown: 'ICOs Are Where The Frauds Will Take Place'
EU Budget Amendments Call For Millions in Blockchain Funding EU Budget Amendments Call For Millions in Blockchain Funding
ICO Creator And Coinme Team Up To Spread Bitcoin ATMs ICO Creator And Coinme Team Up To Spread Bitcoin ATMs
China shutting down Bitcoin exchanges China shutting down Bitcoin exchanges
Hackers Lock Out iPhone And Mac Users, Demand Bitcoin Ransom: Here's How To Stay Safe Hackers Lock Out iPhone And Mac Users, Demand Bitcoin Ransom: Here's How To Stay Safe
BRIEF-Evolve Funds Group says it has filed a preliminary prospectus with Canadian securities regulators for Evolve Bitcoin ETF BRIEF-Evolve Funds Group says it has filed a preliminary prospectus with Canadian securities regulators for Evolve Bitcoin ETF
© 2017 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.