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