About two months ago, hedge fund billionaire Michael Novogratz made a bold announcement: He’d put 10% of his net worth into digital currencies including Bitcoin and Ethereum. But a lot can happen in a couple of months. Specifically, the price of Bitcoin has more than doubled, and the Ethereum price has multiplied six-fold.
So around the time the cryptocurrencies reached all-time highs earlier in June, with the Bitcoin price hitting $3,000 and Ethereum breaking $400 the following day,
Now, Novogratz, who formerly ran a hedge fund at Fortress Investment Group and now invests in blockchain companies, thinks the cryptocurrencies have peaked for the time being, and it could be a while before they return to record levels. “I think we may have put the highs in for the year in Ethereum, and you’re going to slowly consolidate,” he said at the conference.
To be sure, the billionaire is still bullish on digital currency over the longer term — he’s just waiting for the right time to buy again. And he has a pretty good idea of when that is.
If Bitcoin fell back down to $1600, he said, he’d “be buying a lot of it.” And if the Ethereum price retreated to between $150 and $200, it would be cheap enough to merit buying more, he added.
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