How bitcoin bull Mike Novogratz sees crypto trade unfolding in 2021

Michael Novogratz, CEO of Galaxy Investment Partners.

Adam Jeffery | CNBC

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Galaxy Digital founder Michael Novogratz, who in February correctly predicted bitcoin would set new highs in 2020, on Tuesday broke down how he sees the cryptocurrency trade playing out next year.

In an interview on CNBC’s “Squawk Box,” Novogratz said he believes bitcoin will eventually begin to trade with more stability as additional institutional investors adopt the digital coin as part of their portfolios.

“We’ve seen a real shift in the kind of hands that are buying it,” said Novogratz, one day after bitcoin topped $19,800 and took out its 2017 record high. “Ninety-nine percent of total … crypto transactions in the 2017 run were individuals, and as you’re starting to see that shift to deep pockets and more stable hands, I think you’re going to see less volatility in the space.”