Mike Novogratz, CEO of Galaxy DigitalIn a recent interview with CNBC’s “Squawk Box,” if central banks return to QE, both Bitcoin (BTC) He also claimed that gold would win in the long run.
Novogratz Points to Macro Negatives for Bitcoin’s (BTC) Poor Performance
Cryptocurrency The billionaire argues that many were caught off guard by the pace of monetary tightening in 2022.
“At the beginning of the year, people didn’t think rates could go up that much, and we’re heading towards 4%,” Novogratz said.
The Fed is expected to announce another 75 basis point rate hike today to calm inflation. The tightening trend continues on a global scale. The Swedish Central Bank also recently announced a 100 basis point rate hike.
Last year, Novogratz’s net worth reached an impressive $8.5 billion. According to the Bloomberg Billionaires Index, after the cryptocurrency crash, it is currently down to $2.1 billion.
Despite a significant drop, Novogratz remains among the wealthiest people in crypto. He states that he will not give up on cryptocurrencies no matter what.
The former Wall Street executive rose to fame in the mid-1990s at banking giant Goldman Sachs. He was preparing to run the bank’s Latin American branch, but left the company due to “lifestyle issues”.
While the comments about the future of BTC continued to be made, eyes were turned to the interest rate decision to be made by the Federal Reserve Bank (FED).
*Not investment advice.
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