Billionaire Mike Novogratz wins approximately $7000 by betting on the U.S. Elections

Galaxy's CEO, Mike Novogratz, won 0.50 Bitcoin in an election bet. He gave it away in a lottery to people who don't own bitcoin yet.

By · Nov 10, 2020 . 6min read

Mike Novogratz betting on U.S election news

Billionaire Mike Novogratz, the CEO of Galaxy digital holdings won 0.50 Bitcoin (BTC), or approximately $7000. It won bitcoin for betting on Joe Biden as the winner of the US presidential election. Mike Novogratz made a bet collectively with his friend Stoney Bilson. Additionally, he took to Twitter to announce his win. 

I won an election bet with @StoneyBitson. 1/2 BTC. I am going to have a lottery for young bitcoiners for that coin. No one can enter who already owns a bitcoin. I’m thinking of a number between 1-1000. Whoever guesses first gets it. I’ll have Stoney send directly. One guess.

Mike Novogratz on Twitter

Mike Novogratz and Stoney Bilson collectively occurred to a determination to grant the winnings to people who don’t possess any bitcoin yet. Therefore, he tweeted that one can win the 0.5 bitcoin by responding to his tweet and picking what number they thought. The number ranges from 1-1000. Nevertheless, this initiative is admirable, at least in its spirit. It stimulates new users to read more about cryptocurrencies.

Mike Novogratz declares Adelgary as winner.

A Twitter user named @Adelgary won the lottery by choosing the number 826. Mike Novogratz asserts that he chose number 8 as he resided in China for seven years. In China, the number eight is deemed lucky. Though 26 describes his birthdate. Nevertheless, as he stated that the bitcoin would go to non-bitcoin users, other participants claim that the user who won already has bitcoin.

However, not everybody benefitted from the betting system. Amidst the U.S. presidential elections, the crypto world was full of election bets and predictions as to who would win this race. Moreover, some put their chances on Joe Biden while some on Donald Trump. However, crypto traders who placed their bet on Trump lost up to $1 million due to Joe Biden’s victory.

For the uninformed, Mike Novogratz manages Galaxy Digital Holdings. It is a financial institution committed to digital currency and blockchain technology. Moreover, it offers services like asset management, trading, and advisory services. Recently, Galaxy inked an agreement with Bakkt to provide excellent tools to purchase, sell, and store bitcoin with direct services to institutional investors. Novogratz promotes bitcoin and blockchain technology. Additionally, he also often projects the price of bitcoin. Recently, he stated that the price of BTC could soon grow again to $20,000 by the end of 2020.

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