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Financial Backer Swears Bitcoin Will Grind Back

Mike Novogratz swears bitcoin is the real deal — despite the cryptocurrency losing nearly 70 percent of its value since it flirted with $20,000 late last year.“This is real. This is not tulips. We will have an internet 3.0,” Novogratz insisted Thursday at the Yahoo Finance All Markets Summit.Novogratz is chief executive at Galaxy Investment Partners, a crypto-focused investment firm. He was a fixture on financial TV late last year, extolling the virtues of bitcoin as its price soared but warning of “wild crashes.”“Last year, there was no value. It was just this frenzy, and people would throw out these great staggering numbers ‘Bitcoin’s going to $100,000. It’s going to a million,’ ” Novogratz said.Now that bitcoin is around $6,000 for much of the last three months, he insists a comeback is on the way.“It’s not going to bounce straight back. This is going to be a grind back,” Novogratz said.

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