Mike Novogratz launched two new funds targeting the older generations
Mike Novogratz is a big fan of bitcoin and crypto.
He's a former Goldman Sachs VP billionaire that has been working hard trying to bring crypto to the masses.
His latest steps might just do the trick.
He is launching two new crypto funds that he says are going to be targeting people between the ages of 50-80, people that have all the wealth and likely never invested in bitcoin or crypto before.
Novogratz is launching the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund.
The Bitcoin Fund will require a $25k minimum investment and funds will be available on a quarter by quarter basis.
The Institutional Bitcoin Fund will have a higher minimum but funds will be available weekly.
The big selling point here?
Both funds are said to have lower fees than the Grayscale Bitcoin Trust (GBTC), which charges a 2% management fee.
The funds are said to be seeded with Novogratz's own money as well as new investors.
More of the specifics can be found here:
Targeting that "old money"...
Novogratz himself is over 50 and thinks there is a huge untapped market in that age range.
As of now, the average age of a bitcoin/crypto investor is 18-34 years old.
That wouldn't be so bad except a recent study said that Americans under 50 years old only account for 16% of all the investable assets. That means people over 50 are holding the vast majority of investments out there.
Not only that, but that age demographic is starting to inherit large sums of money from the previous generation, a figure that Novogratz estimated to be somewhere around $36 trillion over the coming decades.
That means that investors over the age of 50 are wealthy, about to get wealthier, and are exactly who he wants to be targeting.
Hopefully for all our sakes he is massively successful.
Go get em Mike!
Stay informed my friends.