According to Coindesk Galaxy Digital sources, it will launch two bitcoin funds in November and will provide an initial investment in both funds. The first one called the Galaxy Bitcoin Fun will have a minimum investment of USD 25,000 while the second, Galaxy Institutional Bitcoin Fund, will demand higher minimums to USD 25,000.
The CEO and president of the company, Michael Novogratz, said: “It is only a bitcoin fund that is responsible for custody, the price […] It just allows people to invest in bitcoin without having to open an account in Coinbase, without worrying about losing your phone.”
Goldman Sachs in cryptocurrencies
In the interview, Novogratz was positive about the future of bitcoin in the market, but also referred to the need for a “new energy to take the big step,” and highlighted his assessment of BTC price movements. “I hope it remains here. USD 6,500 would be the next bad part [….] I think you first have to go through USD 8,200 again and if it happens again for USD 8,200, we are again in the range of USD 8,000 to USD 10,000.”
Also, the president of Galaxy showed his interest in the company playing a similar role in the crypto industry, considering that the subscription of securities offers is a good complement to Galaxy’s existing services.
Novogratz, being an ex-partner of Goldman Sachs, says that the world of cryptocurrencies “is a very young industry” as well as his company and said about Galaxy Digital: “We are patient about how fast it will grow, and we are well capitalized. It feels like a perfect addition.”
K.Villarroel
Source: cointelegraph
