Billionaire investor Mike Novogratz says he bought Facebook stock to capitalize on the company's digital wallet launch
Mike Novogratzsaid he bought Facebook stockin anticipation of its digital walletlaunch.
- "All of a sudden you're going to have 2.4 billion people connected to this
cryptospace," he said.
- The billionaire expects Facebook's Novi to launch sometime in the second quarter of 2021.
The market value of all cryptocurrencies combined surpassed $2 trillion last week. Novogratz predicted the market will make up 1% of global wealth by the end of 2021, up from the current 0.5%.His latest advice to bitcoin holders is to bet against the five-year treasury because he expects the Federal Reserve to pull the plug on monetary support, owing to a swift recovery of the economy. The billionaire said he's short a "lot of interest rates" since that's a good hedge for any portfolio - crypto or otherwise.
"Everyone long bitcoin should be short the five year," he said.
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