Galaxy Digital CEO: Bitcoin Will Be a Store of Value for Everyone.
Mike Novogratz, CEO of Galaxy Digital, said Bitcoin would not eventually be a global currency, rather he thinks the cryptocurrency will be a store of value, as more people would adopt it to preserve the value of their net worth.
With Bitcoin eventually being regarded as a store of value, more people globally would flock to the market to get a piece of the action.
Citing the ongoing war that has caused the value of the Russian ruble to dip significantly due to the many sanctions that have been slammed on the country, Novogratz said people who still have their wealth in the ruble would feel unhappy based on the underperformance of the rubble.
“If you were in Russia, you would feel pretty stupid having all of your money in rubles,” Novogratz was quoted as saying in a CNBC Squawk Box interview.
"When there's bad stewardship of economies, #Bitcoin provides a great alternative," says @novogratz on #crypto. "If you were in Russia, you would feel pretty stupid having all of your money in rubles." pic.twitter.com/x10KP3KuCy
— Squawk Box (@SquawkCNBC) March 17, 2022
For the popular Bitcoin proponent, the world’s largest cryptocurrency provides solutions to several financial crises that stem from poor leadership.
“When there’s bad stewardship of economies, #Bitcoin provides a great alternative,” he added.
Novogratz, who believes Americans are using Bitcoin as a hedge against inflation, said many would stop buying BTC if the relevant authorities are able to cut down on inflation rates, which seems unlikely to happen anytime soon.
Novogratz Supporting Bitcoin
The Galaxy Digital boss has been a major proponent of Bitcoin for years and has lent his voice in support of the cryptocurrency on several occasions.
Novogratz was among the financial experts who predicted that Bitcoin would rally in late 2021. Earlier this year, Novogratz, in response to Peter Schiff’s prediction that Bitcoin would trade below $30,000, offered a $1 million bet saying that BTC would be above $35,000 by January 2023.
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