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Michael Novogratz says bitcoin and gold will keep climbing because of global 'liquidity pump'

Michael Novogratz

Anjali Sundaram | CNBC

(This story is for CNBC Pro subscribers only). 

Billionaire investor Michael Novogratz's big bets on gold and bitcoin have paid off in recent weeks, and the veteran investor said Tuesday that both asset classes still have room to move higher.

Since the start of July, the price of gold has jumped more than 7% to reach new highs, while bitcoin has climbed more than 20%. Novogratz, the founder and CEO of Galaxy Digital, said on "Squawk Box" that he believed retail traders were pivoting from tech stocks to gold and bitcoin, which would help fuel more gains for those investments.

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