Mike Novogratz To Launch A Crypto Hedge Fund Worth $250 Million

Some Bitcoin enthusiasts never really give up, even when the crypto coin itself disappoints for months on end. Such an enthusiast is Galaxy Digital founder Mike Novogratz who has decided to ignore the warnings of the crypto bear market to start a crypto hedge fund worth a whopping $250 million.

Given that the market has been quite disappointing for a while now, shutters of many crypto funds have been going down. Even Bitcoin’s price rise above the dreaded under-$3,500 level has not been enough to inspire much confidence in the market. But that is not stopping Novogratz from setting his own trend.

He has long been known as a staunch believer in Bitcoin’s future and that does not seem to be changing anytime soon. Even the fact that his crypto investment bank reportedly lost $136 million over just a 9 month long period in three quarters of last year does not seem to have infused much caution in Novogratz’s operations. He is ready to go down a similar road, all over again, perhaps hoping to make back money good enough to make up for all those losses.

After Bitcoin had seen its tremendous success in December, 2017, many major crypto funds had mushroomed all around the crypto industry, hoping to cash in on the enormous prospects Bitcoin and other cryptocurrencies seemed to have then. However, a steady plummet soon followed, leading to the year 2018 being a depressing one of bearish slump.

Now, as per sources cited by a mainstream media outlet, we are getting to know that Novogratz is considering a crypto hedge fund worth $250 million. According to the source quoted, funding seems to have been kickstarted in March itself, even at the low of the crypto bear market. If Novogratz’s gut is to be trusted, it just might be that the crypto market breaks out into a bull run soon.

Having said that, the number of crypto funds opened was definitely a lot higher than those that were closed down and the overall amount invested in crypto funds rose by a massive figure of $10 billion all over the world. Even though many experts strongly feel that the bearish gloom will see a lot of crypto funds shutting shop, interest in crypto interest in far from dead.