Jerome Powell’s Policies Could Slow Down the Crypto Industry: Novogratz

Jerome Powell’s policies could put a brake on the entire crypto industry and market, according to Mike Novogratz, who seemed dissatisfied when US President Joe Biden decided to reappoint Jerome Powell as Fed chairman for a second term, so read more about it in today Crypto news.

Novogratz believes Jerome Powell’s policies can be detrimental to market growth.

In an interview with CNBC, Novogratz implied that Powell doesn’t really understand the political and economic realities of the US for the market to be pessimistic about his tenure. On the crypto market, Novogratz said that after Powell’s reappointment, people are getting pretty pessimistic about cryptocurrencies, especially after making some changes to the “macro narrative”. He noticed:

“We have inflation, you know, in a pretty bad way in the US. So we can see that the Fed has to act a little faster … That will slow down all assets.” It will slow down the Nasdaq. It will slow cryptocurrencies if we have to raise interest rates much faster than we think. ”

The US is experiencing its highest inflation rate in more than 30 years at 6.2% per year, so we can now see that the consequences are beginning to fluctuate worldwide: 39 of the 46 largest economies in the world have higher inflation year after year. Mike Novogratz argues that Powell believes in a different mandate, which means that he can be more aggressive in pursuing his policies without having to gauge what measures could deteriorate his job. Powell’s current thinking seems to focus on expansionary monetary policy.

However, Mike Novogratz is advocate and has no plans to stop. As the CEO of Galaxy Digital, he must research market trends and expectations to ensure that the more distant future looks promising given the near-term ups and downs. The growing ecosystem and more and more investors are entering the game that is only fueling the growth of the industry:

“The number of organizations Galaxy sees in this area is amazing. I was on the phone with one of the largest sovereign wealth funds in the world today and they made a decision based on investing money in crypto. I have had similar conversations with major U.S. pension funds. ”

Novogratz argues that institutional investors will play a huge role in bringing cryptocurrencies to the mainstream, and also predicts that Bitcoin will soon hit $ 100,000. He even warned that the end of the NFT frenzy would be quick and advised investors to take profits and bet on BTC or ETH.