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Well-known hedge fund manager Michael Novogratz has launched a cryptocurrency benchmark index in partnership with Bloomberg. The index, designed to track the performance of the largest, most liquid coins, consists of 10 cryptocurrencies at its inception.
New Crypto Index
Galaxy Digital Capital Management and Bloomberg announced on Wednesday the launch of a cryptocurrency benchmark index called Bloomberg Galaxy Crypto Index (BGCI). Galaxy Digital Capital Management LP is an asset management firm dedicated to the digital currency and blockchain sectors founded by Michael Novogratz, a former Principal and Chief Investment Officer of the Fortress Macro Funds and a former Partner at Goldman Sachs.
Citing that “the BGCI offers the first institutional grade benchmark for the cryptocurrency market,” the announcement details:
The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including bitcoin, ethereum, monero, ripple, and zcash.
“The index constituents are diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets,” the companies explained. “The index is owned and administered by Bloomberg Index Services Limited and is co-branded with Galaxy Digital Capital Management.”
About the Index
At its inception, the BGCI contains 30% bitcoin and ether, 14.13% ripple, 10.63% bitcoin cash, 6.11% EOS, 3.77% litecoin, 1.67% dash, 1.66% monero, and 1% ethereum classic and zcash.
Novogratz set out to launch a crypto hedge fund originally but he halted this plan in December and unveiled Galaxy Digital instead.
He said on Markets Now that “we are hoping that this index becomes the bellwether and benchmark for the whole crypto space that hedge funds are compared to it… and that is seen as a watershed moment where crypto starts to become an indigestible asset class from an institutional perspective.” He also asserted:
The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets.
“It’s almost essential for every investor to have at least 1% to 2% of their portfolio” in crypto, he emphasized.
In November last year, Novogratz said on CNBC’s Fast Money that “Bitcoin could be at $40,000 at the end of 2018. It easily could,” adding that “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.”
What do you think of Novogratz’s crypto index? Let us know in the comments section below.
Images courtesy of Shutterstock, Galaxy Digital Capital Management, and CNBC.
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The post Novogratz Launches Benchmark Index of 10 Cryptocurrencies appeared first on Bitcoin News.
A venture capitalist and self-proclaimed “disciple” of Warren Buffett and Charlie Munger is bullish on Bitcoin, sees it as a gold-like asset class