Mike Novogratz, Former Goldman Sachs Partner Says Current Global ‘Money Printing Orgy’ Should Help BTC

[image credit : Needpix]

In a recent interview, Michael Novogratz, a former Goldman Sachs partner, as well as Founder, Chairman, and CEO of crypto-focused merchant bank Galaxy Digital, said that all of these massive economic stimulus packages that we are currently seeing should benefit hard assets such as gold and Bitcoin.

His comments were delivered on Tuesday (April 7) during an interview with Rebecca Quick on CNBC’s “pre-market” morning news and talk program “Squawk Box”.

When Quick asked Novogratz if he was putting any money into the markets right now, this was his reply:

“I have a big Bitcoin position. I continue to add to it partly because I think this is an amazing environment for both being long gold and long Bitcoin.

“Nancy Pelosi came out today to talk about another trillion dollars of stimulus.

“Money is growing on trees right now. I learned as a little kid that money really doesn’t grow on trees, and so we have a global money printing orgy going on.

“And maybe it’s necessary, but at one point that comes home to roost, and so I think hard assets are going be a big buy. Gold [and] Bitcoin are my two favorites… 

I bought some Starbucks a few days ago just because I figured it was down a lot, people will come back and drink coffee, and it’s an iconic brand, but I’m not putting a lot of money yet in the stock market. It felt like the easier trade for me was gold and Bitcoin.”

On April 2, Novogratz was interviewed on CNBC’s “Closing Bell”.

In that interview, Novogratz started by talking about the huge amount of interest in Bitcoin that he is currently seeing from institutional investors (such as hedge funds) and high net worth individuals, saying, “I am seeing investors I never saw before — hedge fund investors, high net worth investors — getting into Bitcoin for the first time.”

He then mentioned that he had been recently saying on Twitter that he feels this is the year for Bitcoin to shine (due to all the money printing being done in 2020 by the world’s central banks):

“I said this in a tweet: ‘this is the year for Bitcoin’, and if it doesn’t go up a lot by the end of the year, I think I might just hang my spurs because it doesn’t go up now, you know, I’m not sure when it will.”

He also said says that the huge amount of money printing being done at the moment, mostly in order to fight the economic harms of COVID-19, is going to devalue fiat currencies, and that he expected Bitcoin to double in value within the next six months:

“We’re seeing real flows in the Bitcoin.

“You know, it’s a hard asset… Money doesn’t grow on trades and right now feels like we crossed the Rubicon where everyone feels like money grows on trees.

“I think those tools are the wrong thing… we’re gonna debase the value of fiat…

“We should have doubled within six months. We really should have. This is the time. And maybe within the end of the year, retesting the old highs of $20,000.”

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