Billionaire crypto bull Mike Novogratz says the US is headed for a credit crisis and a dramatic economic slowdown that will make bitcoin's investment case stronger
Galaxy Digital CEO Mike Novogratz said a dramatic economic downturn and a US credit crisis are ahead, adding that a gloomy macro environment will only make bitcoin's investment case stronger.
The long-time cryptocurrency bull also said that the failure of Silicon Valley Bank and aggressive central bank tightening highlighted bitcoin's initial use caseIn fact, the industry has been"re-galvanized," per Novogratz,"by the reality that we have too much debt in the US and abroad and that this debt orgy that we were all on for so long has a price to pay," he told"You're seeing that in this balance between a Federal Reserve [that's been] fighting...
Crypto markets have been on a tear recently, despite the broader downturn in risk assets like stocks as well as the increased regulatory scrutiny on industry giants like Coinbase and Binance.with the overall crypto market cap at $1.28 trillion. Bitcoin notched a 10-month high earlier this week, surging past $30,000.
"The government has kind of gone full jihad against crypto," the former Goldman partner said,"pressuring the banks not to lend to crypto companies, a flurry of subpoenas and Wells notices." He added:"Despite all [of'] that crypto prices are higher and that gives me great optimism and confidence."
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