Recession Incoming: Buy Gold, Silver, and Bitcoin – Michael Novogratz
According to Michael Novogratz, the founder, and CEO of Galaxy Digital, the United States is headed toward a credit crunch, and now is a good time to invest in gold, silver, and Bitcoin (BTC).
In an interview with CNBC, Novogratz stated that a credit crunch is imminent in the US and globally, and he recommended long positions in gold, silver, and Bitcoin.
Novogratz also noted that the Federal Reserve would like to do a dovish hike, but he believes it would be a significant policy error. He stated that it would be now if there was ever a time to be in Bitcoin and crypto.
He noted that banks usually rebuild their capital by lending less, and the commodities market already indicates a recession.
Moody’s has downgraded the outlook for the US banking system to “negative,” Several banks, including Silvergate Bank, Signature Bank, and Silicon Valley Bank, have collapsed in recent weeks.
READ MORE: US Banking System Meltdown? Hundreds of Billions of Dollars in Unrealized Losses
Novogratz also predicted a reversal in interest rate policy and expressed a bullish sentiment for crypto. This is precisely why Bitcoin and crypto were created: governments print too much money, and we are witnessing the consequences.
Despite Silicon Valley Bank’s collapse, Bitcoin’s price reached new 2023 highs of $26,514.72 on March 14, according to CoinMarketCap.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
