One of Bitcoin’s Biggest Champions Turns Bearish: DealBook Briefing

One of Bitcoin’s biggest champions has had a change of heart.

Michael Novogratz, the former Fortress executive, told Bloomberg that he was shelving plans for a cryptocurrency hedge fund and said Bitcoin will fall to $8,000.

“We didn’t like market conditions and we wanted to re-evaluate what we’re doing. I look pretty smart pressing the pause button right now,” Mr. Novogratz said.

Mr. Novogratz’s Galaxy Digital Assets Fund was due to start on Dec. 15.

Bitcoin has fallen more than 40 percent the past four days. It hit a low of $10,776 Friday, down from $19,511 on Monday. The digital currency has since rebounded from its low and was recently at $13,268.

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