Mike Novogratz: Now is the Best Time to Buy Bitcoin
Mike Novogratz, the founder and CEO of crypto bank Galaxy Digital, has suggested that now is the ideal time to invest in the first cryptocurrency as a hedge against economic issues.
In an interview with CNBC, the billionaire has compared the current market situation to December 2018, when an increase in the Fed interest rate stifled business activity. Novogratz has said that the recent declines in commodity markets, such as oil, are indicators of the US central bank’s actions bringing the world closer to an economic recession and credit crunch.
He has further suggested that interest in BTC and other crypto assets could exacerbate the emerging banking crisis in the US. On March 10, the California Department of Financial Safety and Innovation closed Silicon Valley Bank, with $209 billion in assets, and appointed the FDIC as administrator, while cryptocurrency-friendly Signature Bank and Silvergate Bank underwent reorganization or liquidation.
