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Leading Investor Mike Novogratz acquires Bitcoin at $56,500

Leading Investor Mike Novogratz acquires Bitcoin at $56,500

Prominent investor Mike Novogratz has persisted his bullish stance. He reaffirmed that he has acquired even more Bitcoin (BTC) at an average price of $56,500 each. Novogratz is credited to be a massive Bitcoin pioneer, although he has not openly unveiled any new Bitcoin acquisitions after the ongoing bull run. Nevertheless, the update shared through his Twitter handle has dismissed any doubts that the billionaire is still in the game.

Novogratz tweeted his opinions regarding the world’s most significant cryptocurrency today. He indicated that he is still bullish on Bitcoin. The CEO of cryptocurrency firm Galaxy Digital advocated that various young Americans are all set to fund BTC. Galaxy Digital is one of the most prominent institutional holders of Bitcoin and other cryptocurrency assets. Mike Novogratz’s role in Bitcoin and the whole cryptocurrency ecosystem does not just whirl around personal BTC acquisitions and the emerging impact. It also aims at promoting the mainstream adoption of the premier digital currency via his firm Galaxy Digital Capital Management.

Mike Novogratz can perform a vital role in introducing Bitcoin ETFs in the U.S.

One way is to introduce a Bitcoin ETF product via a strategic collaboration with Canada-based CI Global Asset Management. The ETF product named the CI Galaxy Bitcoin ETF will offer Bitcoin exposure to corporate investors without directly owning the asset. Moreover, the U.S. SEC has continuously rejected the applications for a Bitcoin ETF product in the United States. However, Novogratz can play a significant role in introducing one of the first American-based ETFs. This may prove beneficial to one of the world’s largest economies as cryptocurrencies proceed to rise in demand and enter mainstream adoption.

Moreover, Bitcoin bull Mike Novogratz told CNBC on Monday that he expects citizens to observe Bitcoin as a report card that indicated how the government is managing their finances. Novogratz contended that Bitcoin is an inflationary hedge and a digital store of value instead of regular money. This is why institutions, money managers, and retail investors are investing in the digital asset. The billionaire further advocated that there had been a “secular shift” from the opinion that Bitcoin isn’t an asset class to it now becoming one. 

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