Bitcoin Billionaire Mike Novogratz Dumps Joe Biden for Younger Rival

In a surprising turn, Mike Novogratz, a billionaire pro-Bitcoin investor and former Joe Biden supporter, has shifted alliances to back Rep. Dean Phillips, the underdog in the U.S. president’s primary race.

According to U.S. media CNBC, Novogratz supported the incumbent U.S. President Joe Biden with a contribution of $200,000 in 2020. However, he is now throwing his support behind Phillips. The report stated that Novogratz is set to co-host a campaign fundraiser for Phillips in New York City on Saturday. Per the report, the exclusive event has an entry fee of $3,300.

Expressing his shift in perspective, Novogratz stated, “I worked hard in 2020” for Biden. However, he now believes both Biden and former president Donald Trump are too old for the job. As a result, he is advocating for fresh leadership.

Notably, Biden celebrated his 81st birthday in November, while Trump is set to turn 78 next June. Novogratz sees Phillips, 54, as an intelligent centrist with an impressive business track record. Additionally, he intends to meet with Nikki Haley, the former U.S. ambassador to the United Nations, next month as part of his consideration to support her in challenging Trump.

Responding to Novogratz’s move, a Biden campaign spokesman, TJ Ducklo, remarked, “I don’t know who that is, but we appreciate his support of the president and wish him the best.”

Novogratz has previously expressed criticism of the Biden administration’s position on cryptocurrency. During a business summit in Miami, he asserted that the “Biden administration, the Democratic Party really doesn’t like crypto.”

The American billionaire has been a staunch crypto proponent, often urging people to invest in Bitcoin amid the U.S. economic woes. Novogratz is the CEO of Galaxy Investment Partners, a cryptocurrency-focused firm.