Galaxy Digital’s Mike Novogratz Issues Bold Bitcoin Call

Mike Novogratz, a well-known Bitcoin advocate and CEO of Galaxy Digital, has made a bold call to investors in the cryptocurrency space. In response to a post on X, Novogratz claimed that there is growing pressure on Jerome Powell, Chairman of the U.S. Federal Reserve. This, he maintained, could impact the country’s fiat currency value, hence the need to invest in crypto. Mike Novogratz On Political Interference and Bitcoin as Safe Haven Notably, Novogratz says market participants need to invest in Bitcoin (BTC), the flagship cryptocurrency, as a hedge. He believes that Bitcoin will serve as a safe haven asset for investors if the U.S. dollar weakens due to political pressure on Powell or reckless monetary policy. Given that Bitcoin is decentralized with a limited supply, Novogratz has urged investors to “Buy BTC” as it will become more valuable in the future. According to the Bitcoin advocate, Bill Pulte’s call for Powell’s removal from office, an influential figure with political clout, will not end well. He considers the call to be heading in a financially dangerous direction. Primarily, Novogratz believes that politicizing the Federal Reserve could lead to rate cuts that would negatively impact the dollar. However, such a move to undermine the Fed supports his advocacy for Bitcoin. Is Political Tensions Threatening the Fed’s Independence? For clarity, Jerome Powell’s reluctance to further cut interest rates has sparked hostility towards him. Some Republicans in the U.S. are calling for his resignation . This includes Bill Pulte, who claims there is evidence incriminating Powell. Regardless, Novogratz considers the allegations against Powell as characteristic of a “ Banana Republic move ” which could further weaken the nation’s currency. According to Novogratz, potentially, the move could reduce confidence in U.S. institutions or trigger political instability. Powell had earlier emphasized that interest rate decisions must be based on facts and data, not political predispositions. Amid mounting pressure, some in the financial sector have argued that if Powell gives in, it could compromise the Federal Reserve’s independence. Community Reacts to Novogratz’s Call However, reactions have trailed Novogratz’s post on social media. A user, John Lilic, opines that nothing justifies using $2.5 billion for a renovation. Another user, Jefferson, alleged that Powell was not factual with Congress on the renovation and might face grave issues. The post Galaxy Digital’s Mike Novogratz Issues Bold Bitcoin Call appeared first on TheCoinrise.com .

Source: The Coin Rise