Novogratz Comes Up with Two New Bitcoin Funds

Midhat Ali Shaikh by Midhat Ali Shaikh - 12:42 PM Nov 20, 2019
novogratz-comes-up-with-two-new-bitcoin-funds

Novogratz Comes Up with Two New Bitcoin Funds


Michael Novogratz' crypto bank, Galaxy Digital is aiming to initiate two Bitcoin (BTC) funds. It is targeting the community having the age between 50 to 80. The new funds intend to bring the people who may have largely stayed out of crypto investing, to the crypto markets. The news was revealed by Novogratz on Nov 19 via Bloomberg.

As per the Bloomberg, the funds will provide third-party custody from cheif crypto consortium, Bakkt and Fidelity Digital Assets.

Two Funds| Galaxy Bitcoin Fund, Galaxy Institutional Bitcoin Fund

As per the report, two new Bitcoin funds have been developed using Galaxy's own funds and some contribution from existing investors. The funds reportedly named as Galaxy Bitcoin Fund and Galaxy Institutional Bitcoin Fund.

Moreover, the Galaxy Bitcoin Fund will need $25,000 in minimal investments. And the investors can withdraw their funds quarterly. While the report says, the Galaxy Institutional Bitcoin Fund had weekly liquidity and greater initial threshold.

Teo of the funds will charge less amount of fee than the major Bitcoin funds like the Grayscale Bitcoin Trust.

As per the recent study from the wealth management company, United Income, Americans below 50 merely hold 16% of all investable assets, compared with 31% in 1989. This leaves a great deal of untapped wealth between older financiers that, as per the United Income, will constitute $36 trillion in inheritances in the coming 30 years.

Novogratz Is Ever the Bull


Novogratz, billionaire and renowned bitcoin bull, proclaimed that nearly 20 billionaires he knows who built their wealth outside of crypto and now in the crypto industry. He further stated that new Bitcoin funds could catch the investor's eye who are now acquiring gold. Moreover, Novogratz stated he hopes that typical financial services firms will enable users to put their money into Bitcoin in the coming 12 months.

Earlier today, major Bitcoin fund, Grayscale Bitcoin Trust submitted Form 10 with the United States Securities and Exchange Commission to be the first crypto fund ever to report to the regulators. If it gets approved, Grayscale could see its investors base widen, as more investors would dabble in Bitcoin.

About The Author
Midhat Ali Shaikh

Midhat Ali ShaikhMidhat ali shaikh is a freelance content writer and is involved with renowned organization named knovatek pvt. ltd. also serving for vmatchu and nghostings

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