NEW YORK, Sept 20 (Reuters) - Michael Novogratz, former macro hedge fund manager and founder of cryptocurrency asset management firm Galaxy Digital Capital Management, on Thursday said that the bottom in cryptocurrency prices has been reached and bitcoin is due for a renaissance.
Bitcoin experienced a "classic speculative global mania" in 2016-2017, Novogratz told an audience at Yahoo Finance's second annual "All Markets Summit" in New York. But Novogratz believes prices are now on the upswing because the market has reached "seller fatigue."
Novogratz, a former hedge fund manager at Fortress Investment Group and Goldman Sachs Group partner, has been one of the most outspoken advocates of cryptocurrencies on Wall Street. (Reporting by Kate Duguid and Jennifer Ablan Editing by Phil Berlowitz )