Mike Novogratz, CEO of Galaxy Digital, one of the leading crypto investment companies, stated that Fed Chairman Jerome Powell will slow down the flow of money to cryptocurrencies.
In an interview where Novogratz expressed dissatisfaction with US President Joe Biden’s decision to elect Powell for a second term, he said that Powell does not have as much economic and political power as the crypto world. Novogratz also shared his thoughts on the crypto market, stating that after Powell’s reappointment, the market went down:
As you know, inflation is getting bigger in the USA. The Fed will have to decide faster. If it raises interest rates faster than we think, the crypto community will start to slow down, becoming sluggish.
Novogratz stated that he is optimistic about the cryptocurrency market, both in the short and long term. Also, Bitcoin $100,000 has the potential to reach are among the supporters.
In his latest CNBC interview:
The crypto market is growing due to the influx of institutional investors.
The number of institutions Galaxy has seen entering this space is astonishing, for example bI was on the phone today with the manager of one of the largest wealth funds in the world and they decided to invest in crypto.
said.
Rising inflation levels in the US have been attributed to the rise of the crypto market earlier this month. Inflation rate in the US right now 30-year high and annual 6.2% It increased. Rising inflation creates a ripple effect on a global scale.