Galaxy Digital CEO Michael Novogratz has reiterated his support for investing in bitcoin and gold, particularly in light of the recent banking crisis in the United States.
During an appearance on CNBC’s Squawk Box, Novogratz pointed out that banks often cut back on lending in order to restore their cash reserves, resulting in a shortage of money in the market.
He also highlighted various indicators, such as the commodity market, which are pointing to an impending recession.
According to Novogratz, “We will see a credit crunch in the US and around the world. This is why you need to invest in gold, silver, and, of course, bitcoins. Now is the time to invest in cryptocurrencies, as they were created to counter the mindless printing of money by governments during difficult times. And we can see that they are doing just that.”
It is worth noting that several banks in the United States have collapsed in recent weeks, including crypto-friendly institutions like Silicon Valley Bank, Silvergate, and Signature Bank.
Interestingly, Galaxy Digital had previously used the services of Silvergate Bank, but ultimately decided to discontinue their relationship at the onset of the bank’s troubles.