Michael Novogratz
Anjali Sundaram CNBC
(This story is for CNBC Pro subscribers only).
Bitcoin’s furious rise in recent months has left the cryptocurrency vulnerable to setbacks, but new institutional buyers will step in to stop the fall, billionaire investor Michael Novogratz said on Monday.
Bitcoin fell 5% around 11 a.m. ET on Monday morning, according to Coin Metrics, bouncing off its daily lows and continuing a volatile stretch for the cryptocurrency. Bitcoin jumped sharply over the holiday weekend to surpass the $ 30,000 level for the first time.
Novogratz, who is the CEO of digital currency investment firm Galaxy Digital, told CNBC’s “Squawk on the Street” that Monday’s move doesn’t change Bitcoin’s long-term history.