Mike Novogratz, one of the best known investors in cryptocurrencies, believes bitcoin will shrug off its 2018 slump and return to hit $20,000 next year, as institutions and custodians take more interest in the sector.

The former Goldman Sachs partner and hedge fund manager, who now heads crypto merchant bank Galaxy Digital, told Financial News that the digital currency — which soared to $19,140 last December before sliding throughout 2018 — could recover and reach new highs next year.