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Michael Novogratz, CEO of Galaxy Investment Partners.
Adam Jeffery | CNBC
(This story is for CNBC Pro subscribers only.)
Galaxy Digital founder Michael Novogratz, who correctly predicted bitcoin would set new highs in 2020 in February, on Tuesday halted how he sees cryptocurrency trading moving forward next year.
In an interview on CNBC’s “Squawk Box”, Novogratz said he believes bitcoin will begin trading with greater stability as more institutional investors adopt digital currency as part of their portfolios.
“We have seen a real shift in the type of hands that are buying it,” Novogratz said, one day after bitcoin surpassed $ 19,800 and hit its 2017 record. “Ninety-nine percent of the total … transactions. cryptocurrencies in the 2017 run were individual, and as you’re starting to see the move to deep pockets and more stable hands, I think you’ll see less volatility in space. “
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