Amid the cataclymsic collapse of Bitcoin late on Friday night, the crypto currency suddenly saw a large buyer step in as prices plummeted below $6000. We now have an idea who that buyer of last resort was…
As a result of a giant publicity effort from its proponents, BCH saw mass investment as it heads towards a potentially contentious hard fork set for just after 7 p.m. GMT today. The failure of SegWit2x, coupled with endorsement from the soon-to-be-defunct Bitcoin Classic team meant BCH became the major ‘competitor’ to Bitcoin over the weekend.
But, as Reuters reports, former Fortress macro hedge fund manager Mike Novogratz – who we most recently profiled here – told Reuters Global 2018 Investment Outlook Summit in New York that he bought $15 to $20 million worth of Bitcoin over the weekend in that recent pullback.
The billionaire says his crypto fund ‘Galaxy Investment Partners’ owns Bitcoin, Ethereum, and many other companies, and coins.
“The institutionalization of this space is coming. It’s coming pretty quick,” he said.
Novogratz said he expects major financial firms will soon start to offer bitcoin or similar products as an investment option, one that could be easily purchased over the phone.
“When it’s that easy, the price of bitcoin or ethereum is going to go much higher. And that is a lot closer than people think,”
His biggest regret this year has been not buying more cryptocurrencies when prices fell, because he knew that they would keep going up. He sees bitcoin, for instance, hitting $10,000 by March.
Novogratz previously said that, while bitcoin is a bubble, the mania is justified, because it is a technological advancement that promises to fundamentally alter our lives.
“I can hear the herd coming” Novogratz said.
Source/More: Mysterious Bitcoin Dip-Buyer Identified | Zero Hedge