Former billionaire Michael Edward Novogratz has revealed that his bitcoin and ether investments are worth an estimated $50000000M, as first reported by CNN.
The former billionaire said this at the Harvard Business school forum where he, alongside other big shots, had been invited as key speakers.
Expounding on what he believes is the fate of bitcoin, Mike disclosed that bitcoin is here for the long haul, and the finance sector had better take notice of it.
Mike has always been bullish about bitcoin, and he has been an evangelist of digital currencies since his hedge fund days at Fortress Investment Group, where he lobbied for investor toward bit startups.
Participating on the panel that included representatives from Microsoft and CME group, Mike said that bitcoin specifically is the most important trend in this year’s finance sector, and went ahead to prophesy that in 2017, bitcoin will break the $2000 market price!
He also revealed that he was among the first “high-flying” investors to support ether when it was at risk of crashing.
Ether is the digital value token dispensed by the Ethereum Foundation.
However, he added that he’d come through for ether because he’d been impressed by the genius of Vitalik Buterin, the Russian founder of Ethereum.
In his last words, he encouraged everybody to take part in this new revolution being centered by cryptocurrencies.
Fortress Investment Group
At present, Mike is not a billionaire.
When he came out of college, he started his career at Goldman Sachs as a salesman.
But his big break came when he joined the Fortress Investment Group and foresaw the company’s Initial Public Offer, which made him, alongside the founders, overnight billionaires.
In March 2007, Forbes ranked Mike #407th billionaire with a fortune of $2.3B
In September 2007, he was number 317 with a fortune of $1.5B
In March 2008, he came down to #962 with a fortune of $1.2B
Then from there, it was a downward spiral as his company’s stock price plummeted, and he’s now rumored to be worth around $500000000M.