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Novogratz Sold Bitcoin On Wednesday

Kitco News

(Bloomberg) -- Billionaire investor Mike Novogratz is exasperated by Bitcoin's price swings.

Bitcoin soared as much as 22% on Wednesday to its highest level since last January, before plunging more than $1,800 in a matter of minutes.

The chief executive officer of Galaxy Digital Holdings Ltd. said he sold "a little bit" of Bitcoin on Wednesday, but added that he wishes he'd sold "a lot."

"If you were perfect, you'd have sold a whole bunch yesterday," he said in an interview with CNBC on Thursday. "When you go parabolic you have to."

Last month, Novogratz predicted Bitcoin would consolidate between $7,000 and $10,000, but admitted excitement and momentum could carry it higher. His prognostication proved too conservative: the coin's price reached as high as $13,852 this week. He updated his prediction in the interview, saying it may trade between $10,000 and $14,000.

"It was a frenzy," said Novogratz in the interview.

The swings continued on Thursday, with Bitcoin vacillating between gains of 4.8% to drops of more than 10%. Bitcoin was down about 9% to $11,601 as of 9:56 a.m. in New York.

To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Rita Nazareth

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