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Saylor's $600 Million Bitcoin (BTC) Bet Lauded by Novogratz

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Thu, 30/11/2023 - 19:40
Saylor's $600 Million Bitcoin (BTC) Bet Lauded by Novogratz
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Galaxy Digital CEO Mike Novogratz has recently applauded the bold move by MicroStrategy's Michael Saylor, who invested a hefty $593 million in Bitcoin. 

In a post on X, Novogratz referred to Saylor as a "legend," noting that there was a significant uptick in MicroStrategy’s stock versus Bitcoin during a period when the company sold $600 million in stock to purchase Bitcoin. 

The Galaxy Digital boss sees Saylor's massive bet as a strong indicator of growing institutional interest in Bitcoin, particularly with the anticipation of an upcoming ETF.

MicroStrategy's strategic accumulation 

As reported by U.Today, MicroStrategy has significantly bolstered its Bitcoin portfolio. The company purchased an additional 16,130 Bitcoins at an average price of $36,785 per coin, according to its regulatory filing. 

This transaction has increased MicroStrategy’s total Bitcoin holdings to an impressive 174,530 coins, acquired at an average price of $30,252 each, including fees and expenses. 

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The company’s total Bitcoin investment now stands at a staggering $5.28 billion. 

Bad actors are out

In a recent Bloomberg interview, Mike Novogratz of Galaxy Digital shared his views on the cryptocurrency industry's evolution and the broader economic landscape. He voiced confidence that most bad actors in the crypto space have been eliminated following the 2022 market crash. 

Looking ahead, Novogratz anticipates a slowdown in the U.S. economy in the upcoming quarters, with potential rate cuts by the Federal Reserve in the second quarter of 2024. He suggests that these macroeconomic changes could lead to a significant shift in the cryptocurrency market, potentially setting the stage for future growth and stability.

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