Bitcoin is due for a pullback, but institutions will buy the dip, Novogratz says

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The furious rise for bitcoin in recent months has left the the cryptocurrency vulnerable to pullbacks, but new institutional buyers will step in to stop a slide, billionaire investor Michael Novogratz said Monday.

Bitcoin was down 5% around 11 a.m. ET on Monday morning, according to Coin Metrics, rebounding from its lows of the day and continuing a volatile stretch for the cryptocurrency. Bitcoin jumped sharply during the holiday weekend to break through the $30,000 level for the first time.

Novogratz, who is the CEO of crytpocurrency investing firm Galaxy Digital, said on CNBC’s “Squawk on the Street” that Monday’s movement doesn’t change the long-term story for bitcoin.