BlackRock's filing for a spot BTC ETF was the biggest Bitcoin development this year, according to Novogratz.
“If they were young and had a high-risk tolerance, I’d be buying Alibaba stock. I’d be buying silver, gold, Bitcoin and Ethereum. That’d be my portfolio,” he said in allusion to someone investing $100,000. For those with lower risk tolerance, he recommended allocating only 30% of a portfolio in the example, with the remaining 70% in bonds and perhaps index funds.
Novogratz's bullish stance on Bitcoin received a boost from BlackRock's application for a spot Bitcoin exchange-traded fund in June. In his opinion, the application was the biggest Bitcoin development of 2023.Related: Grayscale urges SEC to approve all Bitcoin ETFs simultaneously “Larry was a nonbeliever. Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it,” he commented, adding that Fink got orange-pilled. “He got ‘orange-pilled,’ as we say. “Orange pill is when you take a nonbeliever, and you make them a believer in Bitcoin.”
BlackRock's push into Bitcoin is part of an adoption cycle, according to Novogratz, which could lead the price of Bitcoin to reach new highs, especially if the Federal Reserve starts cutting interest rates. Also commenting on the recent decision in the Ripple's case vs. the Securities and Exchange Commission , in which Ripple's token XRP has been partially classified as a security, Novogratz stated that the decision was a victory for the crypto industry as it proves that"the rules are nothing close to clear."
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