Mike Novogratz expects one percent of global wealth to be in crypto by the end of 2021. In the most recent Bloomberg interview, Galaxy Digital CEO Mike Novogratz warned that hardened yield curves could create “total chaos in the streets”:
“I don’t want to see the world crumble. I don’t want to see the interest curves getting crazy steep and the dollar selling out, and the Bitcoin rocket is heading to the moon. Such a situation can cause a complete chaos in the streets. This is why we are watching it.
Novogratz says investors are betting on the “a little higher probability” of such an apocalyptic scenario:
Bitcoin will not be used to buy shoes
Novogratz predicts a war in payments between stablecoins and central bank digital currencies.
The billionaire sees Bitcoin not as a payment method, but as a protection against horrific money printing:
I don’t think what we use to buy shoes, or sunglasses or Diet Coke, will be bought with Bitcoin.
One percent of global wealth
The total market capitalization of all cryptocurrencies exceeded $ 2 trillion for the first time on April 5.
The former hedge fund manager expects crypto to reach one percent of global wealth by the end of 2021.
Speaking of Bitcoin’s recent weakness, Novogratz claims that it’s just a bit of money “floating around the system”:
People are doing what we do when we start over. They learn Bitcoin, make money, then see what else is going on there. They are starting to put some chips in there and now they are depositing money in NFTs, investing money in DeFi and the whole ecosystem.