Michael Novogratz, a former Goldman Sachs partner, as well as Founder, Chairman, and CEO of crypto-focused merchant bank Galaxy Digital, seems to think that this might be a good time to invest in Bitcoin.
As CryptoGlobe reported last Thursday, on this day, Tyler Winklevoss, Co-Founder and CEO of digital asset exchange Gemini, called Bitcoin a “vaccine” for the “money printing disease”:
Bitcoin is the only vaccine in the world that can give you immunity to the money printing disease.
— Tyler Winklevoss (@tylerwinklevoss) March 26, 2020
It was interesting to see Winklevoss refer to Bitcoin as the “vaccine” because, for the past couple of years, another highly influential crypto influencer Anthony Pompliano (aka “Pomp”), Co-founder and Partner at crypto-focused investment firm Morgan Creek Digital Assets, has been promoting the meme “the virus is spreading” when tweeting about Bitcoin.
Symptoms of the “money printing disease” that Winklevoss is referring to in his tweet are the recent actions of the Federal Reserve (aka “the Fed”) in response to the huge economic threat to the U.S. (and world) economy posed by COVID-19.
As CNBC reported on March 26, the Fed Chairman Jerome Powell said in an interview with U.S. television network NBC’s “TODAY” program that the U.S. central banks will continue to provide liquidity to businesses that need it:
“When it comes to this lending, we’re not going to run out of ammunition, that doesn’t happen. We still have policy room in other dimensions to support the economy.”
Here are a couple of other crypto influencers that have been expressing similar sentiments to Winklevoss in the past couple of weeks:
BREAKING: FED CUTS RATES AGAIN
— Ivan on Tech (@IvanOnTech) March 15, 2020
— Samson Mow (@Excellion) March 15, 2020
An old and popular English idiom — which first appeared in writing near the end of the 19th century — is “Money Doesn’t Grow on Trees”. The Cambridge Dictionary says that this is “said to warn someone to be careful how much money they spend, because there is only a limited amount.”
Well, it seems that Novogratz feels that in the wake of the current stance of the world’s central banks this idiom no longer holds true since yesterday he sent out the following tweet:
— Michael Novogratz (@novogratz) March 31, 2020
At this point, it might be worth pointing out what said about Bitcoin on March 22 and March 24:
$btc will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC’s year.
— Michael Novogratz (@novogratz) March 22, 2020
Gold is almost back to it highs. I believe it’s going much higher. Let’s go $BTC. Get on your horse and ride. Same thesis.
— Michael Novogratz (@novogratz) March 24, 2020