Mike Novogratz told CNBC on Tuesday he remains bullish on bitcoin over the long-term, shrugging off concerns about the world's largest cryptocurrency facing struggles over roughly the past month.
Bitcoin traded around $44,000 per token Tuesday, down more than 30% from its all-time of nearly $65,000 that was reached on April 14 around the time of Coinbase's blockbuster direct listing.
"Markets aren't supposed to be easy. If they were easy, we'd all be rich," Novogratz said on "Squawk Box," noting bitcoin is still up over 50% year to date. "Markets get ahead of themselves. They correct. This is kind of natural in markets," the former hedge fund manager added.