Market bottom is in, Novogratz says, while ‘career-risk’ in bitcoin is gone (Cryptocurrency:BTC-USD)

Digital Galaxy Holdings CEO Michael Novogratz on CNBC’s Fast Money says ‘you can’t put a cap on valuation’ with the money printing from central banks right now, and there’s no valuation metric that you can point to in the stock market environment as a result.

He adds that “disposable income this year will be larger than last year” with all of the stimulus being pumped into the market, citing, among other things, the unemployment benefits program.

But with lower growth, a “messier opening” of the economy until tracing and testing is put together, it’s hard to get bullish and looking for areas to get short, he said. He is however, supportive of some quick service restaurants that have drive-thrus, and is “bottom fishing” in some leisure names.

On bitcoin (BTC-USD), Novogratz says it’s “really really significant” that Paul Tudor Jones bought in to bitcoin for his fund, but the retail frenzy was sold off and he expects the market to hold at $8K to $8.5K and trade back up.