Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000

http://www.zerohedge.com/news/2017-12-22/mike-novogratz-dela... -- Funny that the price went up after his announcement. Correlation not causation, but ironic nonetheless.

Re: Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000

#6

Post by bobcat9 » Fri, Dec 22, 2017, 7:46 PM UTC

Sounds like they forgot it's a volatile market where 30% drops are the norm.

Re: Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000

#7

Post by jpmattia » Fri, Dec 22, 2017, 7:48 PM UTC

For comparison, he also thinks it's going to $40K by EOY 2018.

http://www.businessinsider.com/novogratz-bitcoin-could-be-at...

Re: Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000

#8

Post by comboy » Fri, Dec 22, 2017, 7:52 PM UTC

I refuse to believe that he didn't anticipate this given how insanely it was going up lately. I'm surprised he haven't bought back yet and wants it to go lower. It totally could though. Just 2 months ago $10k for Christmas sounded very optimistic.

Re: Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000

#9

Post by mutteraloo » Fri, Dec 22, 2017, 7:57 PM UTC

It could also go back to $100.

Bitcoin has no mainstream use right now. It's too expensive to transact in terms of money and time, it's too volatile to be a store of value, it's too technical to be used casually, it's too fragile since it gets hacked every which way, and it's too easily copied to be rare.

Re: Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000

#10

Post by thisisit » Fri, Dec 22, 2017, 7:58 PM UTC

sna1l wrote: post #5

http://www.zerohedge.com/news/2017-12-22/mike-novogratz-dela... -- Funny that the price went up after his announcement. Correlation not causation, but ironic nonetheless.

The way Novogratz talks in the interview embedded in the ZH post:

https://www.cnbc.com/video/2017/12/12/the-man-who-called-the...

is really weird. People might disagree with me but I think he comes off as unreliable.