Michael Novogratz Thinks Economic Stimulus Should Benefit Hard Assets
Michael Novogratz, CEO of Galaxy Digital has shown his bullish stance towards gold and bitcoin in his recent interview. He gave an interview on April 07 with Rebecca Quick on a talk show named ‘Squawk Box’ on CNBC. According to him, the economic stimulus packages that have been going on currently are going to have a major impact on hard assets.
He has said that among all the hard assets, bitcoin and gold are going to be the one to get the utmost benefit.
“Money is growing on trees right now. I learned when I was a little kid that money really doesn’t grow on trees. We have a global, money-printing orgy going on … at one point that comes home to roost,” says @novogratz on why he is buying hard assets like gold, #btc #bitcoin pic.twitter.com/TvWiQdntmt— Squawk Box (@SquawkCNBC) April 7, 2020
Novogratz thinks hard assets to be a big buyIn the interview Novogratz was asked whether he is currently investing his money in the market or not. Novogratz replied by showing a complete positive attitude towards bitcoin by expressing in the commodity. He said that currently it is a great opportunity to invest in both long gold and long bitcoin and he has always been investing in bitcoin.
Although he has also revealed that a few days ago, he has bought some of the Starbucks share as it was at very low. Despite Starbucks being an iconic brand, Novogratz is not very much into the stock market. He is bent more towards bitcoin and according to him hard assets like bitcoin and gold are a big buy these days.
Institutional investors showing huge interest in bitcoinEven though the whole market is going through a huge crisis, bitcoin seems to be trading really well amid all of this. Novogratz has also talked about the growing interest of institutional investors towards bitcoin these days. It is for the first time that the hedge fund and high net worth investors are seen showing interest in bitcoin.
Novogratz also mentioned this earlier in a tweet that 2020 is going to be the year of bitcoin. He also believes that by the end of this year bitcoin might again grow up to $20,000.
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About The Author
Vandana MalikI have received my Master of Arts degree in English from GEHU, Dehradun. Currently working as a content writer with Agio Support Solutions and earlier worked as a news editor at Business News and Information Services Private Limited. An enthusiastic content writer, aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing my own knowledge as well.
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