Billionaire Bull Novogratz: Big Money is Coming to Bitcoin, Real Soon

[muh_roads]

https://www.cryptocoinsnews.com/bill...oin-real-soon/

The former hedge fund manager of Fortress Investment Group believes that institutional investors will adopt bitcoin in the next six months.

Mike Novogratz, a retired Wall Street macro fund manager, firmly believes that financial companies will start offering bitcoin as an investment option. So much so, that he thinks it will be as simple as ordering over the phone, reports CNBC.

Speaking at the Reuters Global 2018 Investment Outlook Summit in New York, Novogratz, who owns 10 percent of his net worth in bitcoin and ethereum, said:

When it’s that easy, the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think.

Novogratz, who is chief executive of Galaxy Investment Partners, a firm that bets on cryptocurrencies, claimed last month that Jamie Dimon, JPMorgan Chase CEO, was a ‘rent-taker‘ and that he’s going to lose the fight against cryptocurrencies.

At the time, Novogratz was speaking out against Dimon’s ‘bitcoin is a fraud’ remark, stating that as a banker Dimon had no choice, but to belittle the digital currency. Yet, despite critics voicing their opinions about the market, the former hedge fund manager’s confidence with the cryptocurrency remains. So much so, that in October he was reported as saying that it would reach $10,000 in six to 10 months, claiming that institutional investors had already begun investing in bitcoin.

However, while he believes that financial institutions will accept bitcoin in the next six months he failed to name any specific company, adding:

The institutionalization of this space is coming. It’s coming pretty quick.

During bitcoin’s recent fall in value, which saw it drop to $5,500, Novogratz is reported to have bought $15 million to $20 million worth of the digital currency. One of his regrets was not purchasing more cryptocurrencies before when prices fell. He is now focused on creating what he hopes will be the biggest crypto-hedge fund.

In September, Bloomberg reported that Novogratz started his own $500 million crypto-hedge fund to invest in digital currencies, ICOs and related companies. He is putting $150 million of his own money toward the fund and is planning on raising the remaining $350 million by January.

Such is his support toward the digital currency market that Novogratz firmly believes that in five years the combined market value of all cryptocurrencies will be worth $5 trillion. However, for this to happen companies have to develop business principles that satisfy regulators. At the time of publishing it’s worth over $206 billion.

Featured image from YouTube/Bloomberg TV Markets and Finance.

[timosman]

Enron 3.0

[muh_roads]

Enron 3.0

[devil21]

But but bitcoin was meant to circumvent tptb! What happened?

Oh, never mind, I know what happened. People sold out their principles for the illusion of wealth. Happens every time.

[timosman]

But but bitcoin was meant to circumvent tptb! What happened?

Oh, never mind, I know what happened. People sold out their principles for the illusion of wealth. Happens every time.

Let's not pretend this is unexpected.

[dannno]

But but bitcoin was meant to circumvent tptb!

It is.

What happened?

Wow, even though a system was invented to circumvent tptb, they are still trying to maintain control. Who would have thought that?

Did you have a better idea of how to circumvent tptb?

[devil21]

It is.




Wow, even though a system was invented to circumvent tptb, they are still trying to maintain control. Who would have thought that?

Did you have a better idea of how to circumvent tptb?

Oh idk, maybe one of the planks that this forum was founded upon? Sound money? Not more digital nothingness.

[dannno]

Oh idk, maybe one of the planks that this forum was founded upon? Sound money? Not more digital nothingness.

Well since Ron Paul has now endorsed bitcoin himself to some degree as a legitimate competing currency you may wanna re-think that.. and it is certainly not digital nothingness..

[devil21]

Well since Ron Paul has now endorsed bitcoin himself to some degree as a legitimate competing currency you may wanna re-think that.. and it is certainly not digital nothingness..

Got a vid of Ron endorsing bitcoin?

And yes it is digital nothingness. Can't see it, can't hold it, only exists in electron form and as a concept in your brain. It is really nothing more than an digital accounting ledger. Can't even print it! You may as well go get your hand chip now and save the charade.

[dannno]

Got a vid of Ron endorsing bitcoin?

“As a firm believer in currency competition, I'm excited to see the options that Bitcoin and blockchain open up. If you've done your research and think that you're ready to invest in Bitcoin or other cryptocurrencies, contact CoinIRA today to learn about all the options that are available to you." - Dr. Ron Paul

https://coinira.com/

[devil21]

https://coinira.com/[/FONT][/COLOR][/CENTER]

Vid means video. Not "Paul Inc." selling Ron's name.

---------------------------

The moment billionaires and CME and the like are publicly involved with bitcoin, it is under the direct control of the bankers. If I know my banker tactics, and I do, I can tell you the outcome is already decided. Their standard Hegelian Dialectic tactics will kick in. Bitcoin will be great for a period of time. Fun and games. Everyone needs cryptos! Then something major will be done to kill it like "NK hackers" making them disappear. Some fatal flaw discovered/exploited. The shrieks of "Muh bitcoins! I was a millionaire!" will abound. A nice helpful Senator will be your best buddy and claim disgust at the events and pledge that "We will never let this happen again!". Then he will introduce a bill implementing the banker's version of cryptocurrency. It's secure and gold-backed, dontchaknow? And for your safety and convenience, here's a chip to go in your hand to prevent your "wallet" from being stolen.

[dannno]

Vid means video. Not "Paul Inc." selling Ron's name.

https://vimeo.com/238200003

[devil21]

https://vimeo.com/238200003

Thanks. Rather disappointed in Ron (though not very surprised) but I'm not sure I'd go as far as to call that an endorsement.

It does always crack me up how bitcoin is ALWAYS shown as a gold coin. It's not gold so why is there an attempt to make it look like it is? Probably because the banker crypto version will be announced to be gold-backed, so it's implanting the image of 'cryptos are as good as gold' for later use.

[Mordan]

Oh idk, maybe one of the planks that this forum was founded upon? Sound money? Not more digital nothingness.

have you even tried transacting in Bitcoin any other crypto?

[FSP-Rebel]

Thanks. Rather disappointed in Ron (though not very surprised) but I'm not sure I'd go as far as to call that an endorsement.

It does always crack me up how bitcoin is ALWAYS shown as a gold coin. It's not gold so why is there an attempt to make it look like it is? Probably because the banker crypto version will be announced to be gold-backed, so it's implanting the image of 'cryptos are as good as gold' for later use.

1 BTC buys you 5 ozs of gold, keep burying your head in the sand.

[devil21]

1 BTC buys you 5 ozs of gold, keep burying your head in the sand.

You've done this and can personally vouch for it?

For the moment it does, assuming everything in the transaction chain works out. Assuming it works the same as Expedia, Overstock, etc the gold is still being bought with dollars, however. Coinbase does the conversion for you. Hopefully they don't turn over your info to the IRS/Feds for the conversion, leading to a surprise large capital gains bill in the mail.

have you even tried transacting in Bitcoin any other crypto?

Say again?


It's telling to me that still no one has fessed up to actually converting bitcoin "profits" back into anything else. Most of the anecdotal evidence I've seen says it's a nightmare.

[dannno]

For the moment it does, assuming everything in the transaction chain works out. You've done this and can personally vouch for it?

I just had an oz of gold delivered to my house yesterday. It cost me like $50.

[devil21]

I just had an oz of gold delivered to my house yesterday. It cost me like $50.

Sweet! You received sound money in exchange for fiat currency invested into a speculative bubble. Well played.

Bitcoin is not: 1) Money 2) Currency, until it no longer has to converted into some other currency unit to be used 3) Finite, as long as it can be forked into a whole new chain at any time

Bitcoin is: 1) speculative investment using existing fiat currency

Blockchain will be a currency at some point but bitcoin is not. I'd have a lot more respect for the bitcoin crowd if they were honest about what's really going on with it, instead of twisting words/definitions and insisting it has properties that it does not. The corruption of the meaning of words is why we're in this mess in the first place.

[dannno]

Sweet! You received sound money in exchange for fiat currency invested into a speculative bubble. Well played.

Bitcoin is not: 1) Money 2) Currency, until it no longer has to converted into some other currency unit to be used 3) Finite, as long as it can be forked into a whole new chain at any time

Bitcoin is: 1) speculative investment using existing fiat currency

Blockchain will be a currency at some point but bitcoin is not. I'd have a lot more respect for the bitcoin crowd if they were honest about what's really going on with it, instead of twisting words/definitions and insisting it has properties that it does not. The corruption of the meaning of words is why we're in this mess in the first place.

Anybody can fork bitcoin, but if nobody mines on your fork and nobody transacts then it is useless, and the original nodes don't see any increase inflation.

[devil21]

Anybody can fork bitcoin, but if nobody mines on your fork and nobody transacts then it is useless, and the original nodes don't see any increase inflation.

Anyone can fork it but it's finite? Does not compute. As long as those that control the chain can collude and fork it off into a whole new chain whenever they want (as they've already done at least once) then it's the exact opposite of finite. It is infinite.

[dannno]

Anyone can fork it but it's finite? Does not compute. As long as those that control the chain can collude and fork it off into a whole new chain whenever they want (as they've already done at least once) then it's the exact opposite of finite. It is infinite.

No, see you're not trying to understand..

Anybody can fork it, the original fork still exists. If people want to use the new fork, they can, but they probably won't unless there is something exceptional about it.

The original fork, that everybody will likely continue to use, does not experience inflation from the new fork. It might experience a drop in demand, but again it would have to be exceptional. And if you had bitcoin, you would have coin on the new fork as well so either way you're stoked.

[devil21]

No, see you're not trying to understand..

Anybody can fork it, the original fork still exists. If people want to use the new fork, they can, but they probably won't unless there is something exceptional about it.

The original fork, that everybody will likely continue to use, does not experience inflation.

Yes, I get it. The original bitcoin chain is finite and that was the original selling point. It implied that there are only 21 million coins so invest now before they're all gone! Then suddenly there was a whole new chain, presumably another 21 million new coins. That means that bitcoin (as a brand name, really) can be infinitely created.

Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Silver, Bitcoin Petro, Bitcoin Pencil, Bitcoin Bacon, Bitcoin Plastic, ad nausem. Run out of 21 million? Just make a new chain of a fresh 21 million. That is not finite. And it's also essentially a pyramid scheme.

[ClaytonB]

Yes, I get it. The original bitcoin chain is finite and that was the original selling point. It implied that there are only 21 million coins so invest now before they're all gone! Then suddenly there was a whole new chain, presumably another 21 million new coins. That means that bitcoin (as a brand name, really) can be infinitely created.

Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Silver, Bitcoin Petro, Bitcoin Pencil, Bitcoin Bacon, Bitcoin Plastic, ad nausem. Run out of 21 million? Just make a new chain of a fresh 21 million. That is not finite.

Actually, these forks are only proving Satoshi's theory correct. Forget the name "Bitcoin" and let's just think of all cryptocurrencies as a pool of capital. That pool is, say, $170bn, as of today. No matter how many forks you make, no matter how many altcoins you create, the pool of capital is still $170bn. So, the question is this - would you rather have your $X of cryptocurrency in a coin that is inflationary, insecure, centralized, non-anonymous or requires ID and permission to use... or would you rather have your $X of cryptocurrency in a coin that is non-inflationary, secure, decentralized, anonymous and permissionless? The answer is obvious and everyone who isn't trying to game the cryptocurrency market will come to the same conclusion. Thus, the capital in the cryptocurrency market will keep flowing back into the sound cryptocoins like Bitcoin, Ethereum, Litecoin and so on, and will keep flowing out of the gamecoins like Bitcoin Cash, Bitcoin2x, Dogecoin, and so on.

And it's also essentially a pyramid scheme.

It's not a pyramid scheme. Bitcoin does not need a cascade of new adopters to fleece in order to retain its use-value.

[Mordan]

Say again?

e.

i will try again despite your bad faith.

Have you ever tried to transact with Bitcoin or any other crypto currency?

[devil21]

i will try again despite your bad faith.

Have you ever tried to transact with Bitcoin or any other crypto currency?

Your poor sentence structure is my bad faith? Oook. No I haven't but I've looked into how it currently works. Mainstream retailers that are "accepting bitcoin" are actually employing an exchange as middle man to convert bitcoin to dollars. You are giving rights to the bitcoin over to Coinbase, then Coinbase converts back into dollars and remits those dollars to the retailer. Seems the retailers do not want the bitcoin units. They still want the dollar units.

------------------

Actually, these forks are only proving Satoshi's theory correct. Forget the name "Bitcoin" and let's just think of all cryptocurrencies as a pool of capital. That pool is, say, $170bn, as of today. No matter how many forks you make, no matter how many altcoins you create, the pool of capital is still $170bn. So, the question is this - would you rather have your $X of cryptocurrency in a coin that is inflationary, insecure, centralized, non-anonymous or requires ID and permission to use... or would you rather have your $X of cryptocurrency in a coin that is non-inflationary, secure, decentralized, anonymous and permissionless? The answer is obvious and everyone who isn't trying to game the cryptocurrency market will come to the same conclusion. Thus, the capital in the cryptocurrency market will keep flowing back into the sound cryptocoins like Bitcoin, Ethereum, Litecoin and so on, and will keep flowing out of the gamecoins like Bitcoin Cash, Bitcoin2x, Dogecoin, and so on.

It hadn't occurred to me before but the way you describe this pooling of funds, it sounds rather....ummm....communist. Maybe communism is your thing, I don't know, but it needed to be pointed out. I don't particularly prefer either option since NEITHER OF THEM EXISTS EXCEPT IN YOUR MIND. I like real things. ymmv.

It's not a pyramid scheme. Bitcoin does not need a cascade of new adopters to fleece in order to retain its use-value.

Could have fooled me. The bitcoin mania online very much reminds me of what happens during a pyramid scheme. Yes or no, the only way Bitcoin continues to rise in nominal dollars is if more dollars are pulled into it? I don't see how it's any different than the rest of the Wall St digital/paper games.

[kpitcher]

Long term futures option for Bitcoin, $10,000 on Dec 28, 2018

https://www.coindesk.com/first-long-...0000-one-year/

[ClaytonB]

It hadn't occurred to me before but the way you describe this pooling of funds, it sounds rather....ummm....communist. Maybe communism is your thing, I don't know, but it needed to be pointed out. I don't particularly prefer either option since NEITHER OF THEM EXISTS EXCEPT IN YOUR MIND. I like real things. ymmv.

No, my political-economic outlook could best be described as Austrian/propertarian.

Could have fooled me. The bitcoin mania online very much reminds me of what happens during a pyramid scheme. Yes or no, the only way Bitcoin continues to rise in nominal dollars is if more dollars are pulled into it? I don't see how it's any different than the rest of the Wall St digital/paper games.

Everyone's entitled to their opinion but if you're sure you're right, you can make a crap-load of cash by shorting Bitcoin and then just waiting for the inevitable collapse.

[Mordan]

No I haven't but I've looked into how it currently works. Mainstream retailers that are "accepting bitcoin" are actually employing an exchange as middle man to convert bitcoin to dollars. You are giving rights to the bitcoin over to Coinbase, then Coinbase converts back into dollars and remits those dollars to the retailer. Seems the retailers do not want the bitcoin units. They still want the dollar units.

So you haven't experienced the liberating feeling of transacting with crypto.

Please go to some exchange, buy 100 USD of any crypto with an Android wallet (BTC, XRP). NOT COINBASE.

Coinbase is not a wallet where you control the private keys. It is some kind of bank.

Try XRP Ripple. With Toast wallet. Its cheap. There is a PC wallet and Android wallet. https://toastwallet.com/. Go to Coinbase. buy some ripples and send the XRPs to your wallet. Then publish the XRP adress of this wallet here. I will send you 100 XRPs. and you will send me 100 XRPs. About 20 USD.

[Gaddafi Duck]

What's hilarious is the Bitcoin enthusiasts ignore the fact that Bitcoin cannot be used in everyday transactions efficiently. It's far too expensive with the transaction costs.

So if I cannot use a digital currency as a currency, what's the point of it? 10+ minute transaction times? Yikes!

The "Big Money" is already in Bitcoin and has run it up. The "ICO" bubble is driving the demand for Bitcoin because ICOs require Bitcoins/Ethereum. So when the ICO bubble bursts, there goes the demand for Bitcoin. Because people are buying Bitcoin because it's going up---not because they can use it in everyday transactions. The fees are too high. The transaction time is too long. Customers go crazy waiting 5 seconds with pin-chip validation at a cash register. Bitcoin can't deliver that.

[kpitcher]

What's hilarious is the Bitcoin enthusiasts ignore the fact that Bitcoin cannot be used in everyday transactions efficiently. It's far too expensive with the transaction costs.

So if I cannot use a digital currency as a currency, what's the point of it? 10+ minute transaction times? Yikes!

With a green address - a new address for receiving bitcoin that's never been used before - you can get immediate purchases without a problem. This isn't new, it's been like this for a few years now. When I buy goods online it is just as fast as using paypal.

Side chains and lightning will lower transaction costs as that tech is established.