Galaxy Digital CEO Recommends Buying Crypto And Bitcoin Amid US Credit Crunch
16 Marzo 2023 - 10:00AM
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Galaxy Digital CEO Mike Novogratz foresees a future decline in the
United States banking system operations; as such, he encourages
crypto investors to purchase certain assets, including Bitcoin,
that might stand the test of time. The United States has
struggled with the economy since the summer of 2022. For now, it’s
impossible to foretell its positive turn. Moreover, Novogratz
believes the downturn will last longer than expected. Novogratz
Remains Bullish On Bitcoin And Other Digital Currencies According
to Novogratz’s statement, this is the best time for investors to
acquire popular digital tokens, including Bitcoin, Silver, and
Gold. He believes these assets will be one of the most notable
escape routes for the anticipated crunch in the United States
economy. In an interview with CNBC, Novogratz stated that the
economic crunch would affect the United States and the world. He
revealed the approach several banks imbibe to grow and sustain
their capital. Primarily, these banks lend fewer funds to consumers
to build their capital score. Related Reading: Bitcoin Price
Reaches Inflection Zone As The Bears Slowly Take Control Generally,
this approach will potentially add to the current credit crunch of
the economy. Aside from this, the commodities market is already
showing signs of a recession in the future. However, the economic
downturn became more evident in March after the fallout of central
banks, including Silicon Valley Bank (SVB), Silvergate Bank, and
Signature Bank. Due to the ongoing economic recession, the
government has become more concerned about printing too much money,
believing it will curb the issue. But Novogratz sees a possible
reversal in the interest rate policy. He noted that the Federal
Reserve would likely increase the rate, which would be a
significant policy error. He restated that digital currencies like
Bitcoin exist to avoid the ongoing economic disorder. How The
Assets Are Performing Today According to market watch, the most
prominent digital asset, Bitcoin, saw a significant decline in its
price following the collapse of Silicon Valley Bank.
However, data revealed that the token reached its year’s high
of $26,514.72 on March 14, 2023. Related Reading: Why Bitcoin Could
Explode To $40,000 Per Coin In A Flash In the meantime, the broader
crypto market has seen a rise above 1% over the past 24 hours. Even
though the market cap is still above $1 trillion, there is a
noticeable decline from its gains of March 14 and 15. But several
digital assets, such as Bitcoin and Ethereum, have been trading
green in the last seven days. At the time of writing, the price of
BTC in the past week is up by 13.62%, as it currently trades at
$24,666.37. On the other hand, Ethereum currently shows a 7-day
price gain of 8.17% while trading at $1,659.28. Featured image from
Pixabay and chart from Tradingview.com
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