Mike Novogratz, founder of Galaxy Digital, bitcoin believes it is the right time to buy. Here are the highlights.
Mike NovogratzIn an interview with CNBC on March 15, he compared current market conditions to December 2018, when the Federal Reserve’s rate hike swept the markets. He argued that the recent decline in the commodity market, especially the oil market, shows that the USA and the world are heading towards a recession and credit crunch.
Novogratz, Chairman of the Federal Reserve Jerome PowellHe thinks that will soon need to pause or even lower interest rates. All in all, this could mean a significant shift that could benefit Bitcoin and Ethereum.
“If there ever was a time to be in bitcoin and cryptocurrencies, that’s why it was created,” Novogratz said. “Governments print too much money when the pain is too great. And we see that.” He suggested that the current banking crisis in the US has contributed to the rise in the price of Bitcoin as it is seen as a safe haven.
Koinfinans.com As we reported, the decentralized nature of Bitcoin came to the fore more frequently after the collapse of the Bank of Silicon Valley (SVB). In response, the US federal government intervened to reassure customers that their deposits were safe and prevent depositors from withdrawing their funds from smaller lenders.
Novogratz also noted concerns about the contagion effect on the banking system. He predicted that if the Fed didn’t take more steps to secure deposits, people would learn their lesson and move towards the four or five big depository institutions. However, he also expressed his concerns that the steps to be taken could put pressure on the banks over time.
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