Michael Novogratz to CNBC: Bitcoin will never fall below $5,000

• Novogratz’s firm, Galaxy Digital, has made back some of the losses it endured during the 2018 bear market.
• Novogratz feels that institutional sponsorship will be critical to Bitcoin’s long-term health and growth.

Galaxy Digital chief, Michael Novogratz, issued his latest Bitcoin price prediction while talking to CNBC Squawk Box. He believes that BTC/USD will never again fall below $5,000. When asked if BTC will ever go back to $5k, the billionaire ex-hedge fund manager, said:

“I don’t think so. I think if it goes below $8,500 I'll get nervous. If it goes below $6,000 I'll get real nervous.”

Novogratz's firm suffered some significant losses last year, during the 2018 bear market. It looks like they have made back some of their losses following the recent upward movement. Galaxy Digital reported a net income of $13 million in Q1 2019 and "GLXY" has stabilized around CAD$2 per share.

During the interview, Novogratz also repeated his long-held belief that institutional sponsorship will be critical to Bitcoin’s long-term health and growth.

“One thing that Libra did—when you saw Mastercard, and Visa, and PayPal, and Uber, all sign up—it credentialized crypto. And so every institutional player is looking how do they get their foothold in. And as those guys move in, first to Bitcoin, and then to broader crypto, you know that’s what drives this next price move.”