Michael Novogratz has announced that he will be delaying his plans to launch a $500 million hedge fund in cryptocurrencies.
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“We didn’t like market conditions and we wanted to re-evaluate what we’re doing. I look pretty smart pressing the pause button right now,” said Novogratz.
The long-term cryptocurrency investor believes bitcoin could be at $40,000 by the end of 2018.
Novograts claims to have purchase $15 million to $20 million worth of bitcoins during the November correction after saying that his biggest regret of 2017 was not buying more cryptocurrencies last time the price fell.
Furthermore, Novogratz stated that he invested in Initial Coin Offerings (ICO’s) entering one created by the WAX digital asset exchange.