Michael Novogratz
Anjali Sundaram | CNBC
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The furious rise of bitcoin in recent months has left the cryptocurrency vulnerable to withdrawals, but new institutional buyers will act to stop a move, billionaire investor Michael Novogratz said on Monday.
Bitcoin fell 5%, according to Coin Metrics, at around 11:00 ET on Monday morning and fell back from its low of the day, 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” that Monday’s move does not change the long-term story for bitcoin.