On Thurday (March 17), Billionaire investor Mike Novogratz shared his thoughts on Bitcoin.
Former hedge fund manager Novogratz is the Founder and CEO of Galaxy Digital, “a technology-driven financial services and investment management firm that provides institutions and direct clients with a full suite of financial solutions spanning the digital assets ecosystem.”
Novogratz’s comments about Bitcoin were made while he was being interviewed by Joe Kernen on CNBC’s “Squawk Box”.
When Kernen asked Novogratz if Bitcoin will eventually be used like a currency, i.e. mainly as a means of payment, Novogratz replied:
“I don’t think it’ll be a currency. I think it will be a store of value. Listen, Ethereum is already trading like a currency, right? It’s the currency of culture. When people buy NFTs, they say ‘how many ETH does it cost?’… And so, I think you’re going to have this world where we have opt-in communities, like people are opting into the Bitcoin community. There are literally more people that own Bitcoin than live in Russia…
“They freely opted in, and said ‘we believe in this ethos of this community, which is a hard money way to store our wealth’, and I think that will gain momentum as trust continues to break down.
“Listen, If Jay Powell and Janet Yellen can can get our economy back to 2% inflation and have our debt come back because growth is so high and we go from 140 debt to GDP to 70, Americans won’t have to buy Bitcoin, right?… if you were in Turkey, you feel pretty stupid having all your money in the Turkish lira.
“And so when there is bad stewardship of economies — which our stewardship has not been great, let’s make no bones about it — Bitcoin provides a great alternative.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.