Michael Novogratz, CEO and co-founder of Galaxy Digital, on Wednesday stated that the United States is getting ready to coming into a recession – and he believes that now’s the proper alternative to put money into cryptocurrencies.
What Happened: “We are going to have a credit crunch in the U.S. and globally,” Novogratz stated in an interview on CNBC’s ‘Squawk Box’. “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.”
“You want to be long gold and silver […] and you want to be long Bitcoin,” he said.
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According to Novogratz, Fed Chair Jerome Powell is more likely to lower rates of interest ahead of most individuals consider, which “is a huge shift in market psychology. It has got Bitcoin BTC/USD and Ethereum ETH/USD on the move.”
The US banking industry was sent into disarray this month, as Silvergate Bank SI, Signature Bank SBNY and Silicon Valley Bank SIVB all confronted catastrophic collapses throughout the similar week.
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