Novogratz Delays Crypto Hedge Fund Launch, Warns Of Drop To $8,000 But “Bull Market” Isn’t Over

Last week, Mike Novogratz surprised more than a few market participants by telling CNBC’s Fast Money that he was bringing forward the launch date of his crypto hedge fund; today he killed those plans.
On December 12th, Novogratz said he thinks bitcoin could hit $40,000 in 2-3 months. The Galaxy Fund was supposed to launch of December 15th.
Today, Novogratz has shelved plans to launch his fund, warning that:
“We didn’t like market conditions and we wanted to re-evaluate what we’re doing…I lookpretty smart pressing the pause button right now.

This post was published at Zero Hedge on Dec 22, 2017.