The argument for Bitcoin, the largest cryptocurrency in the world, is being made “every day,” according to Galaxy Digital CEO Mike Novogratz, despite the fact that it has failed to serve as an inflation hedge.
The Turkish Lira, the Argentinian Peso, and other fiat currencies have all experienced steep declines, according to Mike Novogratz.
The strength of the dollar relative to other fiat currencies is gauged by the U.S. dollar index, which just reached its highest level in 20 years.
The rising imbalance, according to Novogratz, makes it difficult to imagine things “not breaking” in the long run. He hopes that Washington, D.C., officials will make responsible decisions, but fears that populism on both sides may skew their judgment.
Mike Novogratz has frequently forecast that if the U.S. Federal Reserve resumed monetary easing
However, there are currently no indications that the Fed would change its hawkish stance on monetary policy. The central bank is prepared to continue raising rates in the future to control inflation after recently implementing the third straight 75-basis-point rate increase.
Some followers were skeptical of Novogratz’s latest comment that predicted catastrophe. A user tweeted, “The Ponzi scam is failing badly.” Another Twitter user noted how, prior to the project’s failure in May, the millionaire was showing off his iconic Luna tattoo.
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