Mike Novogratz continues to see a strong bullish case for Bitcoin as many fiat currencies continue to lose value against the US Dollar
After Bitcoin Fails to Act as an Inflation Hedge, Proponents Struggle to Find another storybut Galaxy Digital CEO Mike Novogratz insists the case for the world’s biggest cryptocurrency is being played out “every day”.
Novogratz pointed to the fact that the Turkish lira, Argentine peso and other fiat currencies sold off strongly.
The US dollar index, which measures the strength of the greenback against other fiat currencies, recently hit its highest level in two decades.
However, Novogratz says it’s hard to see things “not breaking” in the long term due to the growing deficit. As he prays for politicians in Washington DC to act responsibly, he thinks populism on both sides can cloud their judgement.
As U.Today reports, Novogratz has repeatedly predicted that the price of Bitcoin will rally if the US Federal Reserve returns to monetary easing.
For now, however, there is no indication that the Fed is abandoning its hawkish monetary policy. After recently implementing the third consecutive rate hike of 75 basis points, the central bank is poised to continue raising rates in the future to keep inflation under control.
Some followers took Novogratz’s recent downbeat comment with a grain of salt. “Ponzi scheme if it fails badly,” one user tweeted. Another Twitter user recalled how the billionaire flaunted his infamous Luna tattoo before the project collapsed in May.
At press time, Bitcoin price is trading slightly above the $19,000 level.