- Former hedge-fund titan Mike Novogratz said that now is the time for bitcoin during a Monday interview with Bloomberg TV.
- "In the last year it has become a macro weapon, and investment choice," he said, adding that in the last month he's seen "hedge funds and high net worth individuals who had never bought it before are buying it."
- Still, cryptocurrencies have whiplashed amid the coronavirus pandemic. In the last two months, bitcoin has dropped more than 30%, bringing its total year-to-date losses to about 6%.
- Watch Bitcoin trade live on Markets Insider.
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Famed investor and CEO of Galaxy Digital Holdings Mike Novogratz said that now is the time for bitcoin, even though the cryptocurrency has slumped in recent months amid the coronavirus pandemic.
"I'm long gold, I'm long bitcoin - we are seeing a monetization of debt like we have never seen in our lifetimes," Novogratz said in a Monday interview with Bloomberg TV. "To me in the long run, that has to make hard assets look better."
Novogratz also said that "this is the time for bitcoin," because it's become a more popular and widely adopted investment in the US and Europe.
"In the last year it has become a macro weapon, and investment choice," he said, adding that in the last month he's seen "hedge funds and high net worth individuals who had never bought it before are buying it."
Still, bitcoin and other cryptocurrencies have been roiled this year along with global markets amid the coronavirus pandemic that's sent investors out of risk assets and into safe havens. In the last two months, bitcoin has slumped more than 30%, bringing its total year-to-date losses to about 6%.
Bitcoin is down about 3% today, trading at $6,720. Cryptocurrencies Ethereum and Ripple have also fallen more than 5%.
Novogratz also spoke about how the rest of his portfolio is positioned during the coronavirus outbreak. He said that on Friday, he went short "for the first time in awhile," betting against stocks and credit, after the Federal Reserve announced more emergency measures amid the pandemic.
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