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Galaxy Digital CEO Mike Novogratz Says Crypto Markets Are “Backstoping” Amid Stagnation Concerns – Here’s Why

Mike Novogratz, CEO of investment management firm Galaxy Digital, says that while US markets will continue to fall amid economic concerns, the crypto industry has a bulwark that may eventually stop its bleeding.
In a new interview with CNBC, the billionaire says we are going through a period of stagflation and that US markets will not see a soft landing.

“We’re not going to get a soft landing. If the inflation as high as possible, you have to put the economy into recession to stop inflation… Until we see layoffs, until we see 11 million more people looking for jobs, inflation won’t go down.

And so we will go through a painful stagflation process… The Nasdaq sell-off is not over yet. As long as the Nasdaq and other risky assets sell off, crypto will trade spectacularly.”

However, the CEO notes that the silver lining for crypto is that blue-chip investors are “queuing up” to buy digital assets, serving as a backbone for the industry.

“The bright note for crypto is… Amazing institutional capital is starting to queue to get in place. Blackrock, Blackstone, Citadel, Apollo, [are] all building major crypto endeavors.

And so it’s totally intuitive to me that somewhere in crypto there is a backstop.”

Novogratz then notes that despite the recent turmoil, he still believes $30,000-$50,000 is the trending range for the leading digital asset Bitcoin (BTC) is.

“I said earlier this year that I thought BTC would be $30k to $50k, lots of macro headwinds and lots of acceptance, I think that’s still the range. We are nearing the lower end of the range. Unfortunately, that is just the setup that is painful for most investors.”

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Source: Crypto News Deutsch

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