Michael Novogratz, founder and CEO of Galaxy Digital (OTCPK:BRPHF), said Wednesday that Bitcoin (BTC-USD) and other cryptocurrencies have begun to receive widespread acceptance among financial professionals, giving the asset class "an institutional bid" that will keep it from falling too far during bouts of volatility. Speaking to CNBC, Novogratz also commented on the equity market, saying that the amount of stimulus still in the system provides an ongoing source of funds to drive stocks higher. "The equity market just can't go down. It really feels like, on any good news, it wants to go up. There's still too much cash around," he said. As a result, the Galaxy Digital founder predicted that the stock market will "go into year-end at the highs." On the cryptocurrency market, Novogratz said the asset class "was not trading as bullish as equities." He argued that because crypto was treated as a risk asset, the
