Mike Novogratz, the billionaire investor and founder of Galaxy Digital, believes there are hard times ahead for the United States ecomomy and that because of the potential credit crisis in the U.S. people will find the need to invest in gold and bitcoin, as banks typically lend less when tightening monetary conditions. In an interview on CNBC Novogratz stated-
“We are going to have a credit crunch in the U.S. and globally,” Novogratz said in an interview on CNBC. “You want to be long gold and silver, and you want to be long Bitcoin,”
Novogratz thinks that bitcoin will continue to rise in value due to increasing demand from investors seeking a scarce asset. He believes that the Federal Reserve will continue to raise interest rates to control inflation, which will benefit bitcoin. Currently, the Fed’s policies are contributing to the demand for assets like bitcoin and gold.
Novogratz has supported bitcoin for a long time and has made optimistic forecasts about its future value, adding-
“If there was ever a time to be in Bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that.”
Bitcoin has seen a recent spike up to $26000 before retracing currently trading at $24550