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  • Bitcoin started  trading in 2019 around $3,800 and is now hovering above $8,000.
  • Novogratz targets the wealthiest (mostly older individuals) with his new Bitcoin funds.

The CEO of Galaxy Digital Holding Ltd. Mike Novogratz in a recent interview with Bloomberg said that Bitcoin is weakening at the moment but it is still the strongest among all the cryptocurrencies. He put into account the performance of Bitcoin from the beginning of the year where BTC traded at $3,800. Bitcoin spiked to highs around $13,800 in June before embarking on the current downtrend.

“You are seeing Bitcoin way outperform other coins right now, and I think that will continue until these coins start to get used for things,” Novogratz said.

Novogratz is looking forward to including more wealthy individuals into the Bitcoin market by launching two BTC funds. The funds are tailor-made for accredited and institutional investors aged between 50 and 80 years old.

The wealth demographics are changing in the United States where 1% of the wealthiest people control over 40% of the country’s wealth. This 1% class of individuals has been watching Bitcoin from the sidelines and Mike wants to bring them closer to Bitcoin as a long term investment.