Popular American Investor Michael Novogratz shared his opinion on the current bad situation of the US banks & its economy and noted that it is time to move toward Gold & Bitcoin assets.
Michael Edward Novogratz is a 59 years old American investor. Novogratz is popular in traditional as well as digital sector investment. He is currently CEO of Galaxy Investment Partners which focuses on investments in cryptocurrency and fully focuses on crypto investment only.
Recently Michael Novogratz appeared in an interview with CNBC TV and said that people should allocate their funds toward Bitcoin, Silver & Gold as a long-term option for now, as the current US economy is facing a significant financial downfall.
“We are going to have a credit crunch in the U.S. and globally…(…)…You want to be long gold and silver (…) and you want to be long Bitcoin,” Novogratz said.
Novogratz said that under such situations Bank will rebuild their capital by giving less lending and here the commodity market situation is indicating this phase.
Further Galaxy Digital CEO noted that Bitcoin invention was part of the 2008 world economic crisis, to fight against bad future economic downfall.
The current trade price of Bitcoin is $26,660 & this trade price is 7% high over the last 24 hours’ trade price.
The increasing price of Bitcoin is a clear indication that people are now confident with Bitcoin investment and they’re happy that the financial crisis for the banks is only because of the bad financial system & bad payment infrastructure but here Bitcoin is playing an important role.
Read also: Cardano founder talks about Cardano’s Governance proposal CIP-1694 FUD
American investor believes we should move toward Bitcoin & Gold amid US bank’s downfall