By Hassan Mehmood (Saudi Arabia)
There were some hopes for easing interest hikes by the Fed after the government bailout for the three fallen banks. However, the Fed chair has made it clear in another statement that any hopes of diminishing interest rates are still negligible.
Under these circumstances, many cryptocurrency investors are looking to financial gurus for advice and cues. One such financial pundit is Mike Novogratz the CEO of Galaxy Digital, who recently shared his two cents on the matter,
He has advised investors to seek refuge in better investment options such as Bitcoin and Gold. He has also warned about the turbulent times ahead for the US economy. However, he has remained bullish on Bitcoin. He explained during a latest media appearance that the country can face credit-related issues.
Therefore, he opines that it is best for investors to start stocking up on gold, silver, and Bitcoin. He is the CEO and founder of Galaxy Digital, an asset management firm focused on the cryptocurrency sector.
Banking Sector is Taking Preventive Measures to Avoid Further Loss
Explaining the current situation of the traditional banking sector, Galaxy Digital CEO claimed that banks will try to rebuild their capital by opting to lend lesser than before. He claimed that on account of such changes, a credit crunch is going to shake the economy sooner than later.
Also read:He also shared that the majority of technical indicators for the commodity market are pointing toward recession. His remarks have come at a time when three banks in the USA have succumbed to the pressure of liquidity issues.
These banks are Silvergate, SVB, and Signature. Therefore, Moody’s has also changed the credit score of the US banking network to negative. Novogratz was talking about the current state of the banking sector and what investors should look out for shortly.
He was invited by CNBC on Squawk Box, where he shared how investors can navigate through the troubled waters during these turbulent times.
During his interview, Novogratz claimed that Fed seems to maintain a dovish interest hike stance to maintain credibility. He however views this stance as a big error in the making. He maintained that cryptocurrency markets are likely to keep soaring during this time.
He also advised the investors that the best time to get into crypto is whenever the government is printing too much money. Another financial expert and economist, Handre van Heerden has mentioned on his Twitter that Bitcoin seems to be distancing itself from its risk asset days.
Heerden also claimed in his tweet that more investors have come to realize the value of Bitcoin recently and the market has once again started to treat Bitcoin as digital gold.
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