Mike Novogratz: Jerome Powell could slow down the cryptocurrency industry in this way


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Mike Novogratz is not happy with US President Joe Biden’s recent decision to choose Jerome Powell to head the Federal Reserve for a second term.

He does not speak as a bitcoin user but as an overall investor, who believes that Powell may be detrimental to the growth of financial markets.

In an interview with CNBC this week, Novogratz hinted that in his view, Jerome Powell failed to understand the political and economic reality of the United States and that markets had a similar view, being pessimistic about his tenure.

Beware of Jerome Powell!

at talking On the cryptocurrency market, Mike Novogratz stated:

People are becoming largely pessimistic about cryptocurrency after the appointment of Jerome Powell.

We have inflation showing up, you know, in really bad ways in the US, so we can see, is the Fed going to have to move a little bit faster… that would slow down all the assets.

The Nasdaq will slow down.

This will slow down the cryptocurrency if we have to start raising interest rates faster than we thought.

The US is experiencing its highest inflation rate in 30 years, at 6.2% annually, as the consequences are already starting to spread to the rest of the world, with 39 of the world’s 46 largest economies showing higher inflation year on year.

Mike Novogratz argues that now that Powell has gained confidence in the new mandate, he can be more aggressive in his policies without having to measure his actions so as not to jeopardize his job.

Jerome Powell’s thinking so far seems to support an expansionary monetary policy.

Mike Novogratz Still Focusing on the Cryptocurrency Industry:

Mike Novogratz is a fan of cryptocurrency and doesn’t plan to stop being one.

As the CEO of Galaxy Digital, he has to constantly study market trends and expectations.

He confirms that the far future looks promising for cryptocurrency after the ups and downs in the short term.

As Novogratz pointed out, saying:

The crypto ecosystem is growing, and more and more institutional investors are getting into the game, spurring the growth of the industry.

As Novogratz previously argued, especially in 2017 and 2018, institutional investors will play a major role in the rise of the cryptocurrency industry and that Bitcoin could easily reach $100,000 soon.

Last month, Novogratz warned that the end of the rally around the NFT could be near and advised investors to take profits and bet on Bitcoin or Ethereum.

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