Billionaire investor Mike Novogratz has put his money where his mouth is by investing another $4.8 million into his cryptocurrency venture fund, Galaxy Digital Holdings.
The 54-year-old predicts that an influx of institutional money, spurred by the launch of Nasdaq’s Bitcoin futures, will cause the next bull market in 2019.
According to a press release on Monday, the Galaxy CEO purchased 7.5 million ordinary shares of the company. His overall stake in the company, which trades on the Toronto Stock Exchange’s TSX Exchange, now lies at around 79.3%.
Galaxy’s stock jumped 21.36% in light of the news on Wednesday morning, reaching as high as 1.25 Canadian Dollars. But 2018 was a tough year for the firm, whose stock fell 19% during the gruelling bear market that saw cryptocurrency values tumble across the board.
It was reported in November that Galaxy had racked up a $76.65 million loss in the third quarter of 2018. Novogratz revealed at the time that “it sucks to build a business in a bear market.”
However, he still remains bullish on Bitcoin, predicting another bull market in 2019. While he predicts Bitcoin will perform well in 2019, Novogratz has a more scathing view on altcoins and ICOs, claiming that “the ICO market is dead,” due to fraud and unsustainable hype.
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