Billionaire and Galaxy Digital CEO Michael Novogratz believes that investing in cryptocurrencies is a smart move as the United States approaches a recession.
In a recent interview on CNBC’s ‘Squawk Box’, Novogratz stated that the US and global economy is on the verge of a credit crunch, making it the ideal time to invest in Bitcoin and other cryptocurrencies.
Novogratz explained that one of the main reasons why cryptocurrencies were created was to combat excessive government printing of money during times of economic turmoil. He also highlighted the importance of investing in gold, silver, and Bitcoin during these uncertain times.
“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 said.
In addition, Novogratz suggested that Federal Reserve Chair Jerome Powell may cut interest rates sooner than most people anticipate, causing a significant shift in market psychology and resulting in Bitcoin and Ethereum prices surging.
Notably, back in August 2022, Mike Novogratz downplayed the bullish Bitcoin scenario saying ‘$20-30k’ is a ‘comfortable zone’. He also projected that Bitcoin can still reach $500,000 by 2027.
While Novogratz did not comment on the US banking industry during the interview, it is worth noting that Silvergate Bank, Signature Bank, and Silicon Valley Bank have all collapsed in recent weeks, further underscoring the economic challenges facing the country.
Watch the full interview:
Featured image via Bloomberg’s YouTube (screenshot).