Galaxy Digital’s Mike Novogratz Says It’s Time To Buy Bitcoin
Founder of Galaxy Digital Mike Novogratz has urged the public to buy Bitcoin. In a CNBC interview on 15 March, the Bitcoin bull said indications suggest this is a key time to buy Bitcoin.
Novogratz cited an example with 2018 when Fed rate hikes distablized the economy, driving people to Bitcoin. In his opinion, the recent crash, particularly in the oil market suggests that the world may be heading to a recession.
Additionally, he predicted that the Fed’s actions or inactions may drive more people to Bitcoin as fears mount.
Current Banking Crisis Fueling Bitcoin Rise
The last week has been full of crisis for the banking sector with three major banks – Silvergate, Silicon Valley Bank, and Signature bank – shutting down for different reasons. At the same time, Bitcoin price has risen sharply, bringing it over $25,000, a price the asset has not reached in a while. Novogratz says the rally was fueled by the banking crisis which made investors to see Bitcon as a safe haven.
In his words, “If there was ever a time to be in Bitcoin and crypto, this is why it was created,” Novogratz said. “Governments print too much money whenever the pain gets too great, and we are seeing that,” he added.
He also added that unless the Fed moves to regain people’s confidence in the security of deposits, there could be a major shift to alternative depository institutions. This may also could Bitcoin look more attractive to secure investments.
Crypto Rally Slows Down
Bitcoin had its best three days since 2019 between Sunday 12 March and Tuesday 15 March as the bank collapse hit. The rally however slowed down this morning, with Bitcoin dropping below $25,000 again. Of course, the crypto market has generally dropped, but no one knows for how long.
Bitcoin is down 5.8% and Ethereum is down 7.7%. The biggest losers among the top ten are Cardano, Polygon and Dogecoin, none of which has lost less than 10% in the last 24 hours.
If anything, the last week has demonstrated that if the mainstream banks continue to disappoint customers, they may be helping Bitcoin become more popular.
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