A Crypto Fund King Says Bitcoin Will Be the Biggest Bubble Ever

  • He is said to aim to raise $500 million after Fortress losses
  • ‘Largest bubble of our lifetimes,’ he says of digital currency

Novogratz Says Bitcoin Is a Bubble

Mike Novogratz is reinventing himself as the king of bitcoin.

The swaggering macro manager who flamed out at Fortress Investment Group LLC is starting a $500 million hedge fund to invest in cryptocurrencies, initial coin offerings and related companies. Novogratz will put up $150 million of his own money and plans to raise $350 million more by January, mainly from family offices, wealthy individuals and fellow hedge fund managers, said a person familiar with his plans.