Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000
- Money manager was planning to start crypto fund on Dec. 15
- Says he looks ‘pretty smart’ pressing the pause button now
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Michael Novogratz, the former macro manager who’s turned into one of the biggest champions of bitcoin, shelved plans to start a cryptocurrency hedge fund and predicted that the digital money may extend its plunge to $8,000.
“We didn’t like market conditions and we wanted to re-evaluate what we’re doing,” Novogratz said Friday in a phone interview. “I look pretty smart pressing the pause button right now.”