September 27, 2022

Mike Novogratz called bitcoin insurance against ineffective actions of the authorities

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Bitcoin is a “great” alternative to fiat for residents of countries that have inefficient monetary policies. This was stated by the founder of the Galaxy Digital cryptobank Mike Novogratz in an interview with CNBC.

According to Novogratz, if the Fed and the US Treasury could cope with rising inflation and pay off the country’s external debt, Americans would not have to buy cryptocurrency.

Novogratz also noted that bitcoin is unlikely to be used for payments. He views the asset as a store of value.

Earlier, in an interview with Bloomberg, the millionaire called the freezing of Russia’s gold and foreign exchange reserves under sanctions “the most important event in the last ten years.” In his opinion, the actions of the US, the EU and their allies will force the world to reconsider its attitude towards the dollar.

According to him, in the future the monetary authorities will seek to back their reserves with a basket of assets. It can include dollars, gold and cryptocurrencies, he added.

The head of Galaxy Digital believes that against the backdrop of an increase in the Fed’s interest rate, one should not expect an “aggressive” growth in bitcoin quotes. Nevertheless, the millionaire predicts that in five years digital gold will cost $500,000.

Recall that in January, Novogratz offered gold supporter and bitcoin skeptic Peter Schiff a $1 million bet on the price of bitcoin.

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