Michael Novogratz: Bitcoin Is A Fascinating Story, I Think It’s Real

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Michael Novogratz: Bitcoin Is A Fascinating Story, I Think It’s Real

Michael Novogratz, principal of Fortress Investment Group LLC (NYSE:FIG), spoke with Bloomberg Television anchor Stephanie Ruhle from the Sohn Investment Conference in New York today.

Michael Novogratz talked about Bitcoin, saying, “Intellectually it’s a fascinating story to me, and I think it’s real. If you look at the total market cap of Bitcoin, it’s probably somewhere between $4.5 billion, $5 billion. There are in best estimates somewhere 30,000 individual programmers working on Bitcoin. My college roommate lives down in Barbados. He was the smartest guy that we went to school with. He full time works on derivatives of Bitcoin. So there’s this open source community where there’s huge brain power, let alone all the VC money that’s going in. And so from Marc Andreessen and his company to Benchmark…there’s lots of smart money going in. I’ve never seen a small project with more human capital going into it, and so I kind of want to bet just on that alone.

He also commented on the state of the banking industry, saying, “Banks are going to slowly look more and more like utilities…Banks are going to be in less sexy businesses…The money-management business, and certainly the alternative money-management business, is about talent, and we’re always looking to pick up talent.”

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