Galaxy Digital CEO Michael Novogratz evaluated the developments in the world economy. Referring especially to monetary policies in recent weeks, Novogratz thinks that people will turn to products such as gold and Bitcoin in this period.
Michael Novogratz, one of the famous names in the crypto money world, participated in the Fast Money program of CNBC. Evaluating the policies of central banks like the Fed, Novogratz also made some comments on the course of the market.
The US Federal Reserve (Fed) has injected several trillion dollars into the economy over the past few weeks. The Trump administration has recently announced a new incentive package of almost half a trillion dollars.
The famous billionaire Novogratz says that money has grown as if he “grows on a tree” recently and that the central bank is constantly printing new money. According to Novogratz’s statements, people want to turn to products with limited supply under these conditions. At this point, Novogratz points to gold and Bitcoin and says, “It’s time for Bitcoin.”
Turning to Bitcoin
According to Novogratz’s statements, the limited supply of Bitcoin currently makes Bitcoin different from many other products. Saying that a total of 21 million Bitcoins will be produced, Novogratz emphasizes that more than 18 million BTCs are already produced and the production rate will decrease in the next month (halving).
He reminded that one of the biggest issues of Novogratz Bitcoin so far is mass acceptance. Although it has millions of users, Bitcoin is still not fully spread to ‘large audiences’. But Novogratz says this situation is beginning to change slowly. Saying that many people have been looking for him recently, Novogratz states that people are trying to get information about Bitcoin.
Saying that the recent developments are in favor of Bitcoin, Novogratz thinks that BTC is currently taking the wind behind and that it can rise.