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Mike Novogratz of Galaxy Digital has commented that crypto was created by Satoshi Nakamoto precisely for the kind of over-printing and debasement of currency that the world is experiencing right now.
BRICS nations are multiplying
De-dollarisation is happening. The over-financialisation that has taken place in the West over the last few decades is coming home to roost. The BRICS nations are already trading in the Chinese Yuan, and applications to sign up to this bloc are multiplying rapidly.
United Arab Emirates, Egypt, Algeria, Argentina, Mexico and Nigeria are reportedly looking to join this new global cooperation group, with Saudi Arabia already on the brink of being accepted, putting in jeopardy the long-standing agreement with the U.S. to exchange oil for dollars.
This is crypto’s moment
Mike Novogratz, the billionaire entrepreneur and CEO of Galaxy Digital, made his comments during his company’s Q4 2022 earnings call. He said that “crypto prices are likely to go up over the coming months” at the same time that de-dollarisation is just getting started. He stated:
“Let’s start with the good… This is crypto’s moment. Crypto was, in lots of ways, created for this point, right? Satoshi Yakamoto way back in 2009 worried about the breakdown of the legacy financial system. He worried about populism infecting our politics and a constant printing of fiat currencies and a debasement of money, and created Bitcoin.”
Novogratz continues with his view on how the politics of the Biden administration, together with the banks, are trying to besmirch crypto. He noted that whatever Biden or Jamie Dimon say, “they’re just wrong, and the world knows that.”
Gold and Bitcoin will thrive
The billionaire CEO says that macro hedge funds are paying close attention to the developments with banks and the situation with Russia, Ukraine, and the roles that the U.S. and China are playing.
He believes that the financial and geo-political environment is one in which sound money such as gold and bitcoin will thrive. He commented:
“This war between China and the U.S. with Russia as a proxy is going to push the gold narrative, and the digital version of that is Bitcoin, and so I think from a macro investor perspective, it’s very clear.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.