(BusinessInsider) Former Goldman Sachs partner and current Fortress Investment Group CIO
Michael Novogratz says the smartest guys in the room have all turned
their attention to Bitcoin.
In an interview Monday with Bloomberg Television’s Stephanie Ruhle at
the 2014 Sohn investing conference, Novogratz explained how Bitcoin has
grown to capture the imaginations of programmers from its libertarian
roots:
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 [Novogratz graduated from Princeton — ed.]. 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.”
Ruhle pressed him on whether Bitcoin could simply flame out.
Novogratz responded by saying it would lead to the “democratization of
finance.”
Fortress is sitting on $13 million-worth of bitcoins. In February, the firm became the first publicly-traded company to file Bitcoin holdings (they were listed as losses).
Open your free digital wallet here to store your cryptocurrencies in a safe place.