The founder and CEO of Galaxy Digital Management, Michael Novogratz, has decided to go all-in on cryptocurrency, continuing the brain drain from Wall Street to the crypto space.
Novogratz is no stranger to the space as he has previously purchased $7 million worth of bitcoin back in 2013 when it was valued at around $100/bitcoin.
As part of his new venture into the crypto space, Novogratz announced this $15 million investment in a New York-based FinTech company called AlphaPoint. The company helps other institutions by facilitating the launch of trading platforms as well as the tokenization of assets with blockchain tech.
During the Bloomberg Invest conference held last week, Novogratz expressed his views on how cryptocurrencies can affect institutional investments:
“Right now, the coins are kind of going sideways. But underneath, the people moving into the industry, it’s a straight line up. Job applications—straight line up. Private investing—straight line up.”
He recognizes that while the hype may be due to FOMO (Fear of Missing Out), venture capitalists are investing in the crypto space, making for “more prices in the private rounds.”
Venture capital firms Sequoia, Andreessen, and many others have been going crypto—investing in the crypto space, continuously fueling this ongoing brain drain.