Mike Novogratz: The stock market is a 'trap', Bitcoin is the 'safe haven'

Despite the price drop, Mike Novogratz still believes in Bitcoin

Michael Novogratz, a well-known investment billionaire and currently the CEO of the crypto bank Galaxy Digital, thinks that the recent rally of the stock market is a trap and may lead to another drop. connected. However, he is confident in Gold and Bitcoin at the moment.

Bitcoin will be the ideal shelter

Novogratz said in an interview with CNBC that investors should not be distracted by the recent rally of the stock market. Instead, they should buy other assets like cryptocurrencies or gold.

The US stock indexes continuously showed strong signals between cautious psychology and fear during the Corona season. However, Mr. Novogratz said that this is not the right time to buy in:

"I think people will sell again in 1 or 2 days."

He emphasized that he still believes in Bitcoin, even though the digital currency has fallen dramatically in the past month. The price of BTC is currently above $ 7,300 at the time of writing. Mr. Novogratz said:

“I am putting a big Bitcoin position. I will continue to expand this position because I think the current environment is suitable for both Gold and Bitcoin. ”

He said the legal supply of money is currently widening excessively, as the Fed has pumped trillions of dollars to save the US economy.

“Money is being printed at random. As long as the world is full of giant money printing units, they will continue to do so. I think the best part is buying hard assets and not loosening the supply. ”

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According to Coin68 / Bitcoinist
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