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Michael novogratz
Anjali Sundaram | CNBC
(This story is for CNBC Pro subscribers only).
The furious rise in bitcoin in recent months has left the cryptocurrency vulnerable to pullbacks, but new institutional buyers will step in to stop a slide, billionaire investor Michael Novogratz said on Monday.
Bitcoin fell 5% around 11 a.m. ET on Monday morning, according to Coin Metrics, rebounding from its daily lows and continuing a volatile period for the cryptocurrency. Bitcoin surged sharply over the holiday weekend to break through the $ 30,000 level for the first time.
Novogratz, who is the CEO of cryptocurrency investment firm Galaxy Digital, said on CNBC’s “Squawk on the Street” that Monday’s move does not change bitcoin’s long-term history.
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