Mike Novogratz is optimistic about the next halving and says that most of his risk is in Bitcoin
Galaxy Digital CEO Mike Novogratz appeared at CNBC’s Closing Bell on May 4, where he highlighted his optimistic stance on assets like Bitcoin and gold.
Novogratz appeared wearing a big mustache, and according to himself, he looks forward to Bitcoin’s halving on May 12 – a deflationary event that contrasts sharply with the Fed’s money printing regime.
– CNBC’s Closing Bell (@CNBCClosingBell) May 4, 2020
“I love Bitcoin. Next Tuesday, we will have Bitcoin halving, where the inflation rate will be cut in half, “he said:” You talk about inflation in fiat currencies where the Fed is issuing currency like a money printing machine and, in the Bitcoin space, the money supply is cut by 50% So big deal. “
The billionaire investor expressed doubts about the stability of traditional stocks in times of a pandemic. As the Fed continues to inflate the money supply by printing money out of thin air, Novogratz proclaimed an optimistic stance on hard assets, including Bitcoin.
“I am still very optimistic about hard assets. There is an idea that central banks and fiscal agents around the world have put us in a position we have never been in before – with a budget deficit of 20-25% in GDP, and we are not sure how the world will handle it. I think there will be pressure for hard assets there; there is a very decent chance – much greater than we had before, ”he said.
Novogratz said he has witnessed many new hedge fund managers start investing in Bitcoin, and suggests that we will soon hear official announcements on that front. “We are seeing a lot of new investors in this space,” he said.
“And everything is positive in terms of flow in that space. That’s where most of my risk is. It’s been a fun environment in the Bitcoin space; after a long desert, now we have real activity ”, he added.