Galaxy Digital’s Mike Novogratz Bulls On Bitcoin, Names Three Favorable Winds For Leading Crypto Asset

[ad_1]

Galaxy Digital’s Mike Novogratz remains bullish on Bitcoin (BTC) despite the flagship cryptocurrency’s poor performance in recent weeks.

In a new interview on CNBC, Novogratz explains why Bitcoin isn’t trading as well as Ethereum (ETH) right now.

“If you look at the price of Ethereum, Ethereum is still trading higher. People see Ethereum as a technology bet and Bitcoin as a debasement of the fiat money bet.

Despite the weakness in BTC prices, Novogratz continues to be bullish on Bitcoin’s outlook as he names three macro tailwinds that may prevent the king of crypto from falling below the $ 40,000 level.

“New players are lining up to participate in this crypto economy, from the Middle East to all of the United States to pension funds, so there is a lower supply in the market. It is an institutional offer. They did their job. They are waiting to participate.

I think people have now figured out that crypto is an asset class. This Bitcoin is part of a crypto wallet. That even if the Fed starts to act more hawkish, it’s an incredibly complicated plane for Powell and Yellen to land.

We have a political environment that wants to spend more money. We have a monstrous budget deficit and if you raise rates too fast you will sink the economy, and no politician wants to do that and so we lost [an] apolitical chairman of the Fed.

All Fed chairmen are now deficit-only politics. This idea of ​​an independent central bank is now a joke, and so Powell may act tough for a while because he’s just been re-appointed, but if he starts doing things that endanger Biden’s re-election. , you’re going to hear something.

I

Check Price Action Don’t Miss a Beat – Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest news Reviews of Disclaimer: The opinions expressed in Daily Hodl are not investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.

Featured Image: Shutterstock / bestfoto77

[ad_2]