Safe havens in times of crisis – While theuncertaintyeven the fear, reigns over the American and European financial markets, the media hold out their microphones to all the specialists in an attempt to see things a little more clearly. Re Bitcoinsome professionals like Jim Cramerthe famous host of Mad Money, will encourage their audience sell them as soon as possible while others will advise to keep them. This is the case of Michael Novogratz which intervened last Wednesday in an American emission. What does he recommend in terms of investments? And why ? Response to follow.
A quick overview of the deteriorating economic situation…
Michael Novogratz is the CEO and founder of Galaxy Digital Holding Inc. which is a company specializing in Bitcoin and the cryptocurrency. It operates in several sub-sectors like asset management, trading, investment and professional advice. Known in the industry for being rather bitcoin-friendlyMichael Novogratz spoke on March 15 in the hit economic morning Squawk Box on the chain CNBC.
When asked what to do in this difficult timehe first wanted to give a quick overview of the economic situation. The entrepreneur recalled that in recent months, certain harbingers of recession such as the price of raw materials orenergy should have alerted the specialists. The journalist then asks him if he now fears a contagion effect of the type dominoes collapsing, and he answers in the affirmative.
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… encourages him to position himself on gold, silver and Bitcoin
To replenish their capital, he continues, banks won’t have any choice but to limit loans and so we could witness a serious credit crisis in the United States and around the world. At the same time, he recognizes that the Fed’s leeway is limited since it would be necessary to lower the rates to be more accommodating, but it would be an error just as serious as continuing to rise.
Under these conditions, he recommends safe havens such asgold and themoney and adds, of course, Bitcoin to this list:
“If there was ever a time to be into bitcoin and crypto, it’s now! It is exactly for those times when governments print too much money and the economy suffers that Bitcoin was created. »
This is also the opinion of many defenders of the market’s first crypto who see it as a form ofdigital gold and which had been waiting for a long time for the decorrelation of its price with that of the rest of the market. Bitcoin would it have finally become the safe haven of the world economy as announced by its creator Satoshi Nakamoto ? Nonsense for some who bet on an imminent and probable fall in cryptos with the rest of the economy. Perfect illustration for others who finally rejoice to finally be right after years strong exchanges with their detractors!
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