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Bitcoin Won't Top $9,000 By Year's End, Former Hedge Fund Legend Novogratz Says

by cnbc.com posted 11months ago 48 views
Former Fortress hedge fund manager Michael Novogratz doesn't see much chance of bitcoin breaking out of its current slump. "I don't think it breaks $9,000 this year," Novogratz said on stage at the Economist Finance Disrupted event in Manhattan Tuesday. Novogratz, who predicted last year that the cryptocurrency could swell to $40,000 in 2018, said it will take until the first two quarters of next year for bitcoin to move above $10,000. The world's largest and most popular cryptocurrency has dropped more than 53 percent this year alone, and was trading near $6,540 Tuesday.

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