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Mike Novogratz has 50% of net worth in crypto, advocates up to 5% for investors

The Galaxy Digital CEO Mike Novogratz is encouraging investors to devote a bigger percentage of their portfolios to crypto.

According to cointelegraph, in an interview with CNN’s Julia Chatterley, Novogratz said he had “changed his tune” on previous advice that investors should allocate nearly 1% of their net worth to Bitcoin (BTC) and other cryptocurrencies. The CEO has said as recently as November that people should invest up to 3% into BTC and HODL for five years. 

“I think a new investor could put 5% into Bitcoin,” said Novogratz. “Bitcoin’s not going back to zero […] It could certainly trade back to $14,000 — you could lose 30-40%, but you’re not losing 80-90% of your money.”

Novogratz said these numbers were based on the “stability surrounding Bitcoin,” and he added that the coin was “fulfilling its role as digital gold” with a store of value. The CEO also stated that he believes Bitcoin volatility will “come lower.” 

The Galaxy Digital CEO has an estimated net worth of $700 million. When Chatterley pressed him to put a number on his investments, Novogratz said his “overall crypto exposure is probably 50%.”

Novogratz has also advocated investing at least some of one’s net worth in Ether (ETH), while saying the token had “a venture flare to it.” He hedged his bets on other altcoins, stating that some would have “a lot of value” in the future, while others wouldn’t.

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