Mike Novogratz: Institutions Coming in Have Turned Bitcoin Into an Asset Class

Young Americans want to buy bitcoin, and they will use the stimulus checks to do so, said Galaxy Investment Partners’ CEO Mike Novogratz. He added that the primary cryptocurrency had become a proven asset in the past few months with the entrance of giant institutions and corporations.

The first-ever cryptocurrency went on a wild run in the past few days. During the weekend, bitcoin broke its previous ATH, breached above $60,000, and marked a new all-time high at $61,700 before it dumped by $7,000 earlier today.

While discussing the latest highly-volatile price actions in the market, the former hedge fund manager Mike Novogratz said that a similar 10% retracement is within the one standard deviation.

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