The recent price surges in the crypto space had increased the valuation of his holdings, making them “up to 85 percent“ of the billionaire investor’s net worth, while he did have roughly 30% of his net worth in crypto starting at the 2017 bull run, according to Novogratz in an interview with New York Magazine’s Intelligencer published today.
Novogratz is valued at $6.25 billion as of May 12, meaning his crypto could potentially be worth $5.3 billion, according to Bloomberg.
Novogratz’s personal holdings and potentially ownership of crypto firms, are puirpetdly included in the estimate. For instance, institutional crypto custodian service and wallet operator BitGo will be acquired by Galaxy Digital for $1.2 billion as announced by the firm.
The CEO added that while he might be a Holder, his lifestyle made such investments possible:
“I’m lucky enough that I had wealth outside of crypto wealth. I’m as bullish as I’ve been on the space. But I see lots of people that have gone from one lifestyle to having the possibility of really having changed their life. And I’m like, guys, be prudent, take a little bit off the table.”
It’s unclear what effect the recent volatility in both Bitcoin (BTC) and Ether (ETH) may have had on Novogratz’s holdings. The price of many cryptocurrencies dropped suddenly yesterday as Elon Musk announced Tesla would suspend its support for vehicle purchases in BTC. This downturn preceded Bloomberg reporting that Binance was under investigation by both the U.S. Justice Department and Internal Revenue Service.