Novogratz and Tudor Jones11 May 2020 23:48
On bitcoin (BTC-USD), Novogratz says it's "really really significant" that Paul Tudor Jones bought in to bitcoin for his fund, but the retail frenzy was sold off and he expects the market to hold at $8K to $8.5K and trade back up.
Anecdotally, he says his co. is seeing interest from high net worth individuals and funds. Bitcoin should "take out" $10,000, on its way to $20,000 by the end of the year given the favorable macro drop of quantitative easing.
"The herd is on the way," he says of those interested in buying in to crypto, and the recent news has removed the "career risk" of getting involved in the currency.
For context, last year, Novogratz didn't see a lot of upside for bitcoin, with an expectation that the cryptocurrency would consolidate in the $7-10K area. Bitcoin is currently trading below $9K despite after attracting attention from some heavy hitters like Paul Tudor Jones II recently.