Mike Novogratz, the CEO of Galaxy Digital, highlighted a pivotal event in 2023 that enriched the ranks of the leading cryptocurrency with an important new member.
Novogratz couldn't contain his satisfaction that this time Larry Fink swallowed the so-called "orange pill." In the virtual currency community, this term refers to individuals who were not previously supporters of the major cryptocurrency but have since changed their minds.
Bitcoin gained favor from BlackRock The popular American entrepreneur discussed what he believed was the hottest event in the cryptocurrency space this year during an interview with Bloomberg. He pointed out that Bitcoin gained a supporter in the form of the world's largest asset manager.
Larry Fink, the renowned billionaire and CEO of BlackRock, was not initially a BTC enthusiast. However, he and his company recently publicly embraced this virtual currency.
At first, Fink held a skeptical view of Bitcoin, failing to recognize its potential or advantages. However, his recent decision now indicates openness to innovation in the rapidly changing financial landscape.
Novogratz particularly emphasized Larry Fink's change in stance regarding BTC. Fink now believes that Bitcoin will become a global currency as more people from around the world place their hope in it.
Deepening institutional adoption According to Galaxy Digital's CEO, BlackRock's efforts to obtain approval for a Bitcoin ETF for the spot market could propel Bitcoin to new heights. Other institutional investors might also become more interested in this virtual currency.
Besides discussing BlackRock and Fink, Mike Novogratz offered several valuable tips on building a diversified investment portfolio. He recommended that risk-averse young investors include the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), as well as gold, silver, and Alibaba stocks in their portfolios.
For investors with lower risk tolerance, Novogratz advised allocating only 30% of their funds to high-potential growth assets while cautiously distributing the remaining 70% into bonds and index funds.