Michael Novogratz
Anjali Sundaram | CNBC
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The furious increase in bitcoin in recent months has left the cryptocurrency vulnerable to setbacks, but new institutional buyers will take action to prevent a slump, billionaire investor Michael Novogratz said on Monday.
Bitcoin fell 5% around 11am ET on Monday morning, according to Coin Metrics, recovering from its daily lows and continuing a volatile stretch for the cryptocurrency. Bitcoin jumped sharply during 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” program that Monday’s move does not change bitcoin’s long-term history.