Billionaire Mike Novogratz Explains Why He Still Loves Bitcoin

On Thursday (January 30), during an interview, former Goldman Sachs partner Mike Novogratz, who is the Founder, Chairman, and CEO of crypto-focused merchant bank Galaxy Digital, talked about why still loves gold and Bitcoin, why he prefers Bitcoin to altcoins from an investment point of view, and how his company invests/trades in the blockchain/crypto space.

Novogratz was being interviewed by Bloomberg Television Erik Schatzker on the show "Bloomberg Markets about his recent short of Tesla stock, his outlook on global stocks, and his thoughts on cryptocurrencies.

Shorting Tesla Stock

Not long before Tesla announced its Q$ 2019 financial results on Wednesday (January 28), Novogratz used his personal trading account to short Tesla stock (NASDAQ: TSLA), which has been performing even better than Bitcoin in 2020 (up 53% vs 30%). Novogratz looked at Tesla's price chart and decided to short the stock. Unfortunately for him, Tesla beat analysts' earnings forecasts by a wide margin, which caused the Tesla stock price to go up even further, thereby giving the shorts a good beating.

Here's Novogratz explaining his reasons for getting into this trade:

"You know, I had a great start to the year. The chart looks terrible. I got against my own rules when I said 'you know, don't shorten Elon Musk', and Tesla feels like Bitcoin... It's not a fundamental story anymore. So any bit of good news it's gonna shoot it up. I'll give it a couple days. I'll probably be able to get out of my short without that much pain, but was not a great morning.

"It should back off some at one point -- things just don't go to the moon. Luckily was a spiritual position. It's not gonna bankrupt me, but it hurt." Read More...

Billionaire Mike Novogratz Explains Why He Still Loves Bitcoin
Mike Novogratz Still Loves Bitcoin