Mike Novogratz continues to see a strong bullish case for Bitcoin as many fiat currencies keep losing their value against the U.S. dollar
After bitcoin failed to act as an inflation hedge, its proponents are struggling to come to terms with it. another storyBut Mike Novogratz, CEO of Galaxy Digital, insisted that the case for the world’s largest cryptocurrency is going on “every day”.
Novogratz has pointed to the fact that the Turkish lira, the Argentinian peso, and other fiat currencies have sold off hard.
The US dollar index, which measures the greenback’s strength against other fiat currencies, recently reached its highest level in two decades.
However, Novogratz says that it is hard to see things “not breaking” in the long term due to the growing deficit. While he prays that politicians in Washington D.C. act responsibly, he believes that populism on both sides may cloud their judgment.
As reported by U.Today, Novogratz has repeatedly predicted that the bitcoin price will recover if the US Federal Reserve moves back to monetary easing.
For now, however, there are no signs of the Fed abandoning its hawkish monetary policy. After recently implementing the third consecutive 75-basis-point rate hike, the central bank is poised to continue hiking rates in the future in order to tame inflation.
Some followers took Novogratz’s recent doom-filled comment with a grain of salt. One user tweeted, ‘If the Ponzi scheme goes bad’. Another Twitter user recalled how the billionaire was showing off his infamous Luna tattoo before the project collapsed in May.
At press time, the Bitcoin price is trading slightly above the $19,000 level.
