{"id":523406,"date":"2023-03-16T16:00:00","date_gmt":"2023-03-16T16:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=523406"},"modified":"2024-06-11T11:59:46","modified_gmt":"2024-06-11T11:59:46","slug":"galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/","title":{"rendered":"Galaxy Digital CEO Recommends Buying Crypto And Bitcoin Amid US Credit Crunch"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Galaxy Digital CEO Mike Novogratz foresees a future decline in the United States banking system operations; as such, he encourages crypto investors to purchase certain assets, including Bitcoin, that might stand the test of time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The United States has struggled with the <\/span><a href=\"https:\/\/www.forbes.com\/advisor\/investing\/are-we-in-a-recession\/#:~:text=According%20to%20a%20general%20definition,in%20the%20summer%20of%202022.\" rel=\"nofollow\"><span style=\"font-weight: 400\">economy<\/span><\/a><span style=\"font-weight: 400\"> since the summer of 2022. For now, it\u2019s impossible to foretell its positive turn. Moreover, Novogratz believes the downturn will last longer than expected.<\/span><\/p>\n<h2><b>Novogratz Remains Bullish On Bitcoin And Other Digital Currencies<\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to Novogratz\u2019s statement, this is the best time for investors to acquire popular digital tokens, including Bitcoin, Silver, and Gold. He believes these assets will be one of the most notable escape routes for the anticipated crunch in the United States economy.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In an <\/span><a href=\"https:\/\/www.cnbc.com\/video\/2023\/03\/15\/watch-cnbcs-full-interview-with-galaxy-digital-ceo-michael-novogratz.html\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">interview<\/span><\/a><span style=\"font-weight: 400\"> with CNBC, Novogratz stated that the economic crunch would affect the United States and the world. He revealed the approach several banks imbibe to grow and sustain their capital. Primarily, these banks lend fewer funds to consumers to build their capital score.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-reaches-inflection-zone-24k\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Reaches Inflection Zone As The Bears Slowly Take Control<\/a><\/p>\n<p><span style=\"font-weight: 400\">Generally, this approach will potentially add to the current credit crunch of the economy. Aside from this, the commodities market is already showing signs of a recession in the future. However, the economic downturn became more evident in March after the fallout of central banks, including Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Due to the ongoing economic recession, the government has become more concerned about printing too much money, believing it will curb the issue. But Novogratz sees a possible reversal in the interest rate policy. <\/span><\/p>\n<p><span style=\"font-weight: 400\">He noted that the Federal Reserve would likely increase the rate, which would be a significant policy error. He restated that digital currencies like Bitcoin exist to avoid the ongoing economic disorder.<\/span><\/p>\n<h2><b>How The Assets Are Performing Today<\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to market watch, the most prominent digital asset, Bitcoin, saw a significant decline in its price following the collapse of Silicon Valley Bank. However,<\/span><span style=\"font-weight: 400\">\u00a0data revealed that the token reached its year\u2019s high of $26,514.72 on March 14, 2023.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-flash-pump-40000-coin\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Why Bitcoin Could Explode To $40,000 Per Coin In A Flash<\/a><\/p>\n<p><span style=\"font-weight: 400\">In the meantime, the <\/span><span style=\"font-weight: 400\">broader crypto market<\/span><span style=\"font-weight: 400\"> has seen a rise above 1% over the past 24 hours. Even though the market cap is still above $1 trillion, there is a noticeable decline from its gains of March 14 and 15. But several digital assets, such as Bitcoin and Ethereum, have been trading green in the last seven days.<\/span><\/p>\n<figure id=\"attachment_523411\" aria-describedby=\"caption-attachment-523411\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-523411 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSDT_2023-03-16_18-00-37.png?resize=860%2C501\" alt=\"Galaxy Digital CEO Recommends Buying Crypto and Bitcoin Amid US Credit Crunch\" width=\"860\" height=\"501\"><figcaption id=\"caption-attachment-523411\" class=\"wp-caption-text\">Bitcoin surges by 1% on the chart l <a href=\"https:\/\/www.tradingview.com\/x\/J17M9NMk\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, the price of BTC in the past week is up by 13.62%, as it currently trades at $24,666.37. On the other hand, Ethereum currently shows a 7-day price gain of 8.17% while trading at $1,659.28.<\/span><\/p>\n<p>Featured image from Pixabay and chart from Tradingview.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Galaxy Digital CEO Mike Novogratz foresees a future decline in the United States banking system operations; as such, he encourages crypto investors to purchase certain assets, including Bitcoin, that might stand the test of time.\u00a0 The United States has struggled with the economy since the summer of 2022. For now, it\u2019s impossible to foretell its positive turn. Moreover, Novogratz believes the downturn will last longer than expected. Novogratz Remains Bullish On Bitcoin And Other Digital Currencies According to Novogratz\u2019s statement, this is the best time for investors to acquire popular digital tokens, including Bitcoin, Silver, and Gold. He believes these assets will be one of the most notable escape routes for the anticipated crunch in the United States economy. In an interview with CNBC, Novogratz stated that the economic crunch would affect the United States and the world. He revealed the approach several banks imbibe to grow and sustain their capital. Primarily, these banks lend fewer funds to consumers to build their capital score. Related Reading: Bitcoin Price Reaches Inflection Zone As The Bears Slowly Take Control Generally, this approach will potentially add to the current credit crunch of the economy. Aside from this, the commodities market is already showing signs of a recession in the future. However, the economic downturn became more evident in March after the fallout of central banks, including Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank. Due to the ongoing economic recession, the government has become more concerned about printing too much money, believing it will curb the issue. But Novogratz sees a possible reversal in the interest rate policy. He noted that the Federal Reserve would likely increase the rate, which would be a significant policy error. He restated that digital currencies like Bitcoin exist to avoid the ongoing economic disorder. How The Assets Are Performing Today According to market watch, the most prominent digital asset, Bitcoin, saw a significant decline in its price following the collapse of Silicon Valley Bank. However,\u00a0data revealed that the token reached its year\u2019s high of $26,514.72 on March 14, 2023. Related Reading: Why Bitcoin Could Explode To $40,000 Per Coin In A Flash In the meantime, the broader crypto market has seen a rise above 1% over the past 24 hours. Even though the market cap is still above $1 trillion, there is a noticeable decline from its gains of March 14 and 15. But several digital assets, such as Bitcoin and Ethereum, have been trading green in the last seven days. At the time of writing, the price of BTC in the past week is up by 13.62%, as it currently trades at $24,666.37. On the other hand, Ethereum currently shows a 7-day price gain of 8.17% while trading at $1,659.28. Featured image from Pixabay and chart from Tradingview.com<\/p>\n","protected":false},"author":584,"featured_media":523414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,78790,6664,1946,87970],"class_list":["post-523406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusdt","tag-crypto","tag-ethereum","tag-silicon-valley-bank"],"acf":[],"yoast_head":"\n<title>Galaxy Digital CEO Recommends Buying Crypto And Bitcoin Amid US Credit Crunch<\/title>\n<meta name=\"description\" content=\"Mike Novogratz foresees a future decline in the United States banking system operations; as such, he encourages crypto investors to purchase certain assets, including Bitcoin, that might stand the test of time.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Galaxy Digital CEO Recommends Buying Crypto And Bitcoin Amid US Credit Crunch\" \/>\n<meta property=\"og:description\" content=\"Mike Novogratz foresees a future decline in the United States banking system operations; as such, he encourages crypto investors to purchase certain assets, including Bitcoin, that might stand the test of time.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-16T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T11:59:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/bitcoin-g4764efd14_1280.jpg?fit=1280%2C898\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"898\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eli Dambel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EliDambel\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eli Dambel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/\"},\"author\":{\"name\":\"Eli Dambel\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/ed5f8ad4afe473ff1872d0d2b59de944\"},\"headline\":\"Galaxy Digital CEO Recommends Buying Crypto And Bitcoin Amid US Credit Crunch\",\"datePublished\":\"2023-03-16T16:00:00+00:00\",\"dateModified\":\"2024-06-11T11:59:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/\"},\"wordCount\":484,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/bitcoin-g4764efd14_1280.jpg?fit=1280%2C898\",\"keywords\":[\"bitcoin\",\"BTCUSDT\",\"crypto\",\"ethereum\",\"Silicon Valley Bank\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/\",\"url\":\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/\",\"name\":\"Galaxy Digital CEO Recommends Buying Crypto And Bitcoin Amid US Credit Crunch\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/galaxy-digital-ceo-recommends-buying-crypto-and-bitcoin-amid-us-credit-crunch\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/bitcoin-g4764efd14_1280.jpg?fit=1280%2C898\",\"datePublished\":\"2023-03-16T16:00:00+00:00\",\"dateModified\":\"2024-06-11T11:59:46+00:00\",\"description\":\"Mike Novogratz foresees a future decline in the United States banking system operations; 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