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August 9, 2022
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Mike Novogratz buys bitcoin for $ 56,500

Billionaire investor Mike Novogratz maintained his bullish title, reaffirming that he bought even more Bitcoin (BTC) at an average price of $ 56,500 each.

Novogratz is considered a great Bitcoin pioneer, but he has not publicly revealed any new Bitcoin purchases since the start of the ongoing bull run. The update shared through his Twitter account, however, has removed any doubts that the billionaire is still in the game.

“I bought more BTC for 56,500. Just in case anyone is wondering if I’m still optimistic, ”tweeted Novogratz.

As is generally known, older Bitcoin investors are more prone to HODL than digital currencies in their portfolio, while the main sales continuously seen today are the activities of new BTC holders. Novogratz’s latest statement, however, is proof that some former investors are still accumulating more Bitcoin, the asset that has been widely hailed as the best protection against inflation.

Promotion of Bitcoin ETFs in Canada

Mike Novogratz’s role in Bitcoin and the entire cryptocurrency ecosystem is not only about personal BTC purchases and the resulting impact, but also aims to drive the predominant adoption of the main digital currency through his company Galaxy Digital Capital Management.

One way is to launch a Bitcoin Exchange Traded Fund (ETF) product through a working partnership with CI Global Asset Management, based in Canada. The ETF product dubbed CI Galaxy Bitcoin ETF will give corporate investors exposure to Bitcoin without directly owning the asset.

The United States Securities and Exchange Commission (SEC) has repeatedly rejected applications for a Bitcoin ETF product in the U.S. and Novogratz’s role in launching one of the first American ETFs could benefit one of the largest economies in the world, as cryptocurrencies continue to increase in demand and enter mainstream adoption.

Source: BlockchainNews

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