• Mike Novogratz, a billionaire investor and bitcoin bull, believes the traditional financial system is in trouble and that citizens should invest in bitcoin as a hedge against economic collapse.
• He cites the recent failure of three major banks as evidence of his argument, citing that too much money has been printed by the Federal Reserve.
• Bitcoin is trading at $24K and gold is at $1,900, while oil has dropped to $73 per barrel.
Mike Novogratz: Bitcoin Will Save America’s Economy
Mike Novogratz – a bitcoin bull, billionaire investor, and the man behind Galaxy Digital – believes if there was ever a time for U.S. citizens to get involved in bitcoin, it’s now. He’s concerned that another major financial collapse similar to 2008 could occur due to the recent fall of three of the country’s biggest banks (Silicon Valley, Signature, and Silvergate) and says bitcoin can act as a hedge against such collapses.
Novogratz on the State of U.S.
Novogratz has stated that when societies feel pain like what we’re likely experiencing now with these bank closures, governments tend to print too much money which gives banks false ideas about their standing financially. As such he believes owning bitcoin can give people an edge in this situation since it was designed as protection from these types of collapses. At present day, BTC is trading around $24K while gold is at $1,900 and oil has dropped down to $73 per barrel.
Will Fed Ease Up?
Many are wondering if the Federal Reserve will ease up its printing or not considering how many USD have been circulated throughout the country since last year’s coronavirus pandemic began; however no one knows for certain how things will progress going forward just yet.
Advice from Novogratz
Novogratz advises those who have yet to invest in bitcoin or other digital assets should do so sooner rather than later before prices begin shooting up again: “If there was ever a time to be in bitcoin and crypto,“ he said „this is why it was created.“ Thus it seems he believes getting involved with cryptocurrency now might be more beneficial than waiting any longer due to potential price increases later on down the line.
In conclusion it appears Mike Novogratz believes investing in cryptocurrencies like BTC could help protect individuals from an impending economic collapse which could result from banking failures caused by governments printing too much money during times of distress such as what we are seeing today with multiple bank closures across America recently.. While no one can predict exactly what will happen next with any degree of certainty everyone should consider carefully whether or not they want to invest in something like cryptocurrency during this potentially tumultuous period for our economy and traditional financial systems