Thomson Reuters
Michael Novogratz.
- Mike Novogratz, the famed hedge funder turned crypto-junky, is shelving a plan to start a cryptocurrency hedge fund, according to a Bloomberg News report.
- The crypto investor thinks the price of bitcoin could hit as low as $8,000 a coin.
- Previously he told CNBC in November it could reach as high as $40,000 in a couple of months.
The wheels are coming off the massive crypto rally.
Now, a famed hedge funder turned crypto enthusiast is a bitcoin bear, according to a Bloomberg News report.
"Michael Novogratz shelves plans to start a crypto hedge fund," Bloomberg reported Friday. "He says bitcoin may drop as low as $8,000 in the near term."
Just last month, Novogratz said bitcoin could go as high as $40,000 within a couple of months during an interview with CNBC. It was first reported by Bloomberg that Novogratz was planning to raise $350 million or more for a crypto-fund by January from institutional investors and family offices.
Cryptocurrencies across the market were under pressure Friday. Bitcoin was trading down more than 15 % at last check.
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