"How confident is this Michael Novogratz, what if suddenly it's not an ok time?"
The Chief Executive Officer (CEO) of Galaxy Digital, Michael Novogratz said with confidence that now is the right time to buy Bitcoin (BTC), gold and silver as the United States (US) is heading towards a "credit crunch"*.
*A sudden reduction in the availability of money or credit from banks and other lenders.
Banks usually rebuild capital by lending less and this means a credit crisis will happen, commented Novogratz while also mentioning that the commodity market is already showing recession.
While Silvergate Bank, Signature Bank and Silicon Valley Bank (SVB) which collapsed at the same time have been the cause of the failure of the United States (US) banking industry this month.
The decision of the US Federal Reserve (Fed) is also seen to be increasingly agitated and requires a reduction in interest rate increases as a result of being the main cause of the current crisis.
In addition to his predictions about the difficulties the US economy will face in the future, Novogratz thinks the price of crypto will skyrocket as the government acts to print too much money.
As of this writing, the price of BTC managed to surpass the $26,000 level in the last two days but is now back down by 0.81% at $24,604 in the last 24 hours with a valid market capitalization of $476 billion.
