Billionaire and Galaxy Digital CEO Michael Novogratz believes that investing in cryptocurrencies is a brilliant transfer as the USA approaches a recession.
In a latest interview on CNBC’s ‘Squawk Box’, Novogratz acknowledged that the US and world financial system is on the verge of a credit score crunch, making it the perfect time to spend money on Bitcoin and different cryptocurrencies.
Novogratz defined that one of many predominant the explanation why cryptocurrencies have been created was to fight extreme authorities printing of cash throughout instances of financial turmoil. He additionally highlighted the significance of investing in gold, silver, and Bitcoin throughout these unsure instances.
“I think you want to be long Gold and Silver <…>, and you want to be long Bitcoin, like Bitcoin was built for this environment.” – Galaxy Digital CEO mentioned.
As well as, Novogratz prompt that Federal Reserve Chair Jerome Powell might reduce rates of interest earlier than most individuals anticipate, inflicting a major shift in market psychology and leading to Bitcoin and Ethereum costs surging.
Notably, again in August 2022, Mike Novogratz downplayed the bullish Bitcoin state of affairs saying ‘$20-30k’ is a ‘comfortable zone’. He additionally projected that Bitcoin can nonetheless attain $500,000 by 2027.
Whereas Novogratz didn’t touch upon the US banking business in the course of the interview, it’s price noting that Silvergate Financial institution, Signature Financial institution, and Silicon Valley Financial institution have all collapsed in latest weeks, additional underscoring the financial challenges dealing with the nation.
Watch the complete interview:
Featured picture through Bloomberg’s YouTube (screenshot).