Billionaire Michael Novogratz: The recent stock market rally is a trap, I chose to increase Bitcoin

Billionaire Michael Novogratz said the recent stock rally may lead to another fall soon. On the contrary, he has full confidence in Bitcoin and gold.

Billionaire Michael Novogratz: The recent stock market rally is a trap, I chose to increase Bitcoin

Bitcoin will be an ideal haven

Novogratz, CEO of the cryptocurrency commercial bank Galaxy Digital, said on CNBC's "Squawk on the Street" show that investors should not be misled by the recent rise in stock prices. Instead, buying non-stock assets, including cryptocurrencies and gold, will be the right method.

The US stock index has been bullish due to cautious optimism about the coronavirus pandemic. However, Novogratz does not intend to purchase.

I think this is short covering. The billionaire said, I think people will sell their shares in a day or two.

He emphasized that even though Bitcoin, the largest cryptocurrency, experienced one of the worst crashes last month, he is still bullish on Bitcoin. Since then, the price has recovered a large portion of the loss, and the current transaction price is above $ 7,300. Novogratz added:

My bitcoin position is high. Part of the reason I continue to add positions is that I think this is an amazing environment for long-term gold and long-term bitcoin.

He suggested that as the Fed invests trillions of dollars to save the US economy, the supply of fiat money grows like a hormone.

The money has now grown on the tree. When I was a child, I knew that money really would not grow on trees. But when a global currency printing spree kicks off … At some point, money becomes insignificant, so I think hard assets will be a big buying direction, Novogratz concluded.

Can Novogratz listen?

The boss of Galaxy Digital is always looking at bitcoin, so his latest comment is not unusual. The interesting thing about Novogratz is that he has a great network on Wall Street, and his voice may reflect the emotions of some financial elites.

For example, this billionaire is a member of Kappa Beta Phi. Kappa Beta Phi is a very secret Wall Street organization that has existed for about a century. The members of this society include senior managers and officials from all walks of life, such as former New York City Mayor Michael Bloomberg and BlackRock CEO Lawrence Fink. Interestingly, BlackRock was hired by the Federal Reserve to purchase corporate bonds and other assets on behalf of the US Treasury.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

With the entry of big players and the halving narrative, is now the best time to buy Bitcoin?

Using the term "ups and downs" to describe the trend of BTC since June is not an exaggeration, or more precisely, it ...

Blockchain

How does the derivatives market fight on the platform of the 5-year-old exchange?

Derivatives trading has become a battleground for the military, and OKex, Huobi, Gate, Fcoin, which are well-known ex...

Blockchain

SBF Trial Week 3 Former FTX Head of Engineering Nishad Singh appears in court, confesses to embezzling user funds for political donations.

With the appearance of former FTX Engineering Director Nishad Singh, the third week of SBF's trial has begun. Singh's...

Blockchain

Babbitt Column | Blockchain industry to land, these areas still need to be greatly improved

I. Status Although each of us hopes that the blockchain can land as early as possible, and from the daily news, it se...

Blockchain

Interpretation | FCoin Shutdown: A Quick Look at the Exchange's Death Stance

The content of today's interpretation is mainly divided into three aspects: The first aspect is the beginning an...

Opinion

Unveiling the FTX Empire's 'Second-in-Command' The Glorious and Falling Journey of Chinese Genius Programmer Gary Wang

What has Gary Wang gone through, from being a close friend of SBF to becoming the COO of FTX and a key witness?