A compelling reason to believe in bitcoin?

Novogratz's Fortress Macro Fund oversees about $4 billion in assets and was named Institutional Investor's 2013 "Macro-Focused Hedge Fund of the Year."

On CNBC's "Fast Money," Novogratz said that the market was difficult to read at the moment.

"Markets are easy for macro when they're trending and difficult when they're not trending," he said. "The idea is to have less chips on the table, to bet less and wait until the game shifts, and it will. It always does."

Novogratz said that he did not see a bubble in credit markets, especially as banks have de-levered.

"They typical credit crisis happens from banks, and we're not going to see it there," he said.

"Most of the credit has been shifted into the mutual fund industry, and mom and dad are not usually panic sellers because they're not leveraged. We do think there's not a lot of value in credit, and so it's kind of a boring environment for our credit business. But I don't see a bubble at any time short being popped," Novogratz added.

As for the bond market, Novogratz said that he saw a sign of something happening.

"I think we're squeezing the last people out of the shorts, and you'll see some reversal," he said.

For areas of continued returns, the mergers and acquisitions space appeared interesting, Novogratz said, adding that he was setting up an event-driven strategy fund in London.

"If you look at the M&A calendar for the first four months of this year, it's up 60, 70 percent vs. last year," he said.

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A compelling reason to believe in bitcoin?