Novogratz: Powell could slow down the cryptocurrency industry

Galaxy Digital CEO and big cryptocurrencyist Mike Novogratz said in a recent interview that Jerome Powell’s policy could slow the cryptocurrency, Nasdaq and other asset markets. What else did Mike say in the interview?

Mike Novogratz vs. Jerome Powell

Galaxy Digital CEO Mike Novogratz is dissatisfied with US President Joe Biden’s decision to elect Jerome Powell to head the Federal Reserve (Fed) for a second term. Novogratz believes Powell could be detrimental to market growth.

In an interview with CNBC, Novogratz said that he was not speaking like a cryptocurrency fan, but as a general investor. According to him, Jerome Powell could not understand the political and economic reality of the United States. As for cryptocurrencies, people become “pretty bear”.

“You know, inflation is going badly in the United States. So, as we can see, the Fed will have to move a little faster. That would slow down all the assets. It would slow down the Nasdaq. It would slow down the cryptocurrency market if we had to start raising rates much faster than we thought. “

Mike Novogratz also argues that now that Jerome Powell has 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 work. Jerome Powell’s thinking so far seems to be in favor of an expansionary monetary policy.

The United States is currently experiencing the highest inflation in 30 years, with 39 of the world’s 46 largest economies showing higher year-on-year inflation. In the US, inflation is 6.2% and is beginning to spread to the rest of the world.

Conclusion

Mike Novogratz assured that the more distant future looks promising for cryptocurrencies. The cryptoecosystem is growing and more and more institutional investors are coming into play.