"It's almost essential for every investor to have at least 1% to 2% of their portfolio" in crypto, Novogratz, the CEO and Founder of Galaxy Digital Capital Management, told Maggie Lake on "Markets Now" on Wednesday. Galaxy and Bloomberg launched the Bloomberg Galaxy Crypto Index (BGCI) on Wednesday. The new index tracks the performance of 10 digital currencies, including Bitcoin and Ethereum. Novogratz said it's "almost irresponsible" not to invest in Bitcoin. That's "not necessarily because of all the gains they're going to make," he said, but because "these technologies in two to four years are going to give every vertical a challenge." Novogratz was referring to blockchain, the underlying technology behind cryptocurrencies. Blockchain allows companies to make near-instant transactions and record payment data from anyone who uses the service. "I'm not saying that the decentralized version of Uber will be Uber," he added. "But it's going to be a challenge, and it's got a real value proposition." Novogratz, formerly a hedge fund manager at Fortress Investment Group and Goldman Sachs partner, said in 2017 that he invested 10% of his net worth in digital currencies.
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