Investor halts plan for $500 mn cryptocurrency hedge fund
Investor Michael Novogratz halted his plan to launch a $500 million hedge fund in cryptocurrencies and predicted that Bitcoin could drop to as low as $8,000 before rebounding. Novogratz said, "We didn't like market conditions and we wanted to re-evaluate what we're doing." He further added, "I didn't want to have to deal with the schizophrenic emotional side of it."