Michael Novogratz Has Postponed The Launch Of Cryptocurrency Hedge Fund Through “Adverse Conditions” In The Market
Former CEO Fortress Investment Group Michael Novogratz decided to postpone the launch of the cryptocurrency hedge fund, through the bitcoin price may drop to $ 8000.
In an interview with CNBC Novogratz said:
"We were supposed to launch on December 15th and we paused. I didn't like the market conditions as a starting point to take other investors' money."
Novogratz' Earlier Forecasts
At the same time, Michael Novogratz appeared dispelled fears that he renounces his earlier forecasts about future growth rates. About this he wrote in Twitter:
"To be clear, we delayed launching a hedge fund with outside investors capital last week because we didn’t like market conditions for new investors. In no way does it mean we are less bullish the crypto markets."
According to the entrepreneur, the market needs time to recover. The bitcoin price may at the same time drop to $ 8,000, and in order to return to $ 20,000. Such situation may continues at least three to four months.
Nevertheless, Michael Novogratz convinced that the cryptocurrency market still has potential for growth, since come into play, institutional investors and the increasing role of regulation. There is also information about the fact that Goldman Sachs creates a trading platform for digital currencies.
The intention to establish a hedge fund with a capital of $500 million to invest in cryptocurrencies, ICO and other blockchain assets Michael Novogratz first announced in September 2017.
In November, he suggested that next year bitcoin price to easily reach $40 000.