{"id":7112,"date":"2018-05-10T06:21:44","date_gmt":"2018-05-10T06:21:44","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=7112"},"modified":"2018-05-10T06:21:44","modified_gmt":"2018-05-10T06:21:44","slug":"novogratz-galaxy-partners-with-bloomberg-to-launch-crypto-index","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/novogratz-galaxy-partners-with-bloomberg-to-launch-crypto-index\/","title":{"rendered":"Novogratz\u2019 Galaxy Partners With Bloomberg To Launch Crypto Index"},"content":{"rendered":"

\"\"Cryptocurrency investor and billionaire Mike Novogratz has partnered with Bloomberg LP to launch the first crypto index, similar to the Dow Jones and Nasdaq indices. The index will be based on the value of ten leading cryptocurrencies<\/a>, weighted by market capitalization. The Bloomberg Galaxy Crypto Index (BGCI) index \u201cis structured to track the performance of the largest, most liquid portion of the cryptocurrency market\u201d according to the announcement made by Bloomberg.<\/a><\/p>\n

While Bitcoin and Ethereum has been allotted a weightage of 30%, smaller cryptocurrencies like Monero, Zcash, Ethereum Classic, and Dash were given a weightage in the rang of 1% to 2%.<\/p>\n

Notably, Coinbase has recently launched its own index, which determines the market value of assets traded on GDAX exchange. However, this is the first time a traditional financial tracker has constructed an index based on cryptocurrencies.<\/p>\n

Alan Campbell, Global Product Manager for Bloomberg Indices<\/strong>, stated<\/p>\n

\u201cToday\u2019s launch of the Bloomberg Galaxy Crypto Index reflects our clients\u2019 growing interest in cryptocurrencies. The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.\u201d<\/p><\/blockquote>\n

Novogratz, the founder of Galaxy Digital Capital Management<\/strong>, has made an extraordinary comeback after he started investing in cryptocurrencies in 2013. Since then, the hedge fund manager and ex-Goldman Sachs partner has successfully created a team comprising of Goldman Sachs veterans.<\/p>\n

Speaking to CNN Money, Novogratz stated<\/p>\n

\u201cI call it the people\u2019s revolution. I think it\u2019s almost essential for every investor to have at least 1-2 percent of their portfolio\u2026.It\u2019s almost irresponsible not to have something on the table. If you don\u2019t have a chip on the table you\u2019re not paying attention.\u201d<\/p><\/blockquote>\n

Novogratz also anticipates big investors to enter the crypto arena soon. He said<\/p>\n

\u201dI think you\u2019re seeing the herd of major institutions slowly moving. We\u2019re in the New York Stock Exchange, I\u2019d be shocked if within the next six months, they\u2019re not participating in some form.\u201d<\/p><\/blockquote>\n

Notably, Novogratz\u2019 prediction has come a day after the Intercontinental Exchange, parent company of the NYSE, has revealed its intention to set up the creation of a cryptocurrency exchange. Even Goldman Sachs and JP Morgan have started moving forward with their plans related to blockchain technology and Bitcoin futures.<\/p>\n

The introduction of cryptocurrency index is yet another step towards making the system more transparent and luring large investors into the blockchain space.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency investor and billionaire Mike Novogratz has partnered with Bloomberg LP to launch the first crypto index, similar to the Dow Jones and Nasdaq indices. The index will be based on the value of ten leading cryptocurrencies, weighted by market capitalization. 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