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