{"id":46375,"date":"2023-03-16T04:43:35","date_gmt":"2023-03-16T04:43:35","guid":{"rendered":"http:\/\/egrowonline.com\/?p=46375"},"modified":"2023-03-16T04:43:35","modified_gmt":"2023-03-16T04:43:35","slug":"us-credit-crunch-means-its-time-to-buy-gold-and-bitcoin-novogratz","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=46375","title":{"rendered":"US credit crunch means it\u2019s time to buy gold and Bitcoin: Novogratz"},"content":{"rendered":"<p> <br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvZjJkOGE2NGMtMDBmMi00MDI4LWE1ZWItOGY4ODQzY2YzNDE0LmpwZw==.jpg\" \/><\/p>\n<div data-v-48054ca8=\"\">\n<p>The United States is headed for a credit crunch and now is the right time to buy gold, silver and Bitcoin (<a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/bitcoin-price\" rel=\"noopener\">BTC<\/a>), says Galaxy Digital founder and CEO <a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/top-people-in-crypto-and-blockchain-2023\/mike-novogratz\" rel=\"noopener\">Michael Novogratz<\/a>.<\/p>\n<p>\u201cWe are going to have a credit crunch in the U.S. and globally,\u201d Novogratz <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/video\/2023\/03\/15\/watch-cnbcs-full-interview-with-galaxy-digital-ceo-michael-novogratz.html\" rel=\"noopener nofollow\">explained<\/a>\u00a0in an interview on CNBC. &#8220;You want to be long gold and silver [&#8230;] and you want to be long Bitcoin,\u201d he said.<\/p>\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"Commodity and oil market is telling you that we are heading into a recession: Galaxy Digital CEO\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/Iaya8t3iP5A?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<p><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/video\/2023\/03\/15\/watch-cnbcs-full-interview-with-galaxy-digital-ceo-michael-novogratz.html\" rel=\"noopener nofollow\">Speaking<\/a> on CNBC\u2019s Squawk Box on March 15, Novogratz noted that banks typically rebuild capital by lending less, meaning that a credit crunch is imminent, noting that indicators like the commodities market are already pointing to a recession.<\/p>\n<p>The U.S. <a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/us-banking-system-outlook-downgraded-to-negative-following-recent-bank-failures\" rel=\"noopener\">banking industry fell into turmoil<\/a> this month, with Silvergate Bank, Signature Bank, and Silicon Valley Bank (SVB) all collapsing in the same week. Moody&#8217;s downgraded the U.S. banking system outlook to &#8220;negative.&#8221;<\/p>\n<p><strong>Related: <\/strong><a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/blame-traditional-finance-for-the-collapse-of-silicon-valley-bank\" rel=\"noopener\"><strong><em>Blame traditional finance for the collapse of Silicon Valley Bank<\/em><\/strong><\/a><\/p>\n<p>In the interview, Novogratz suggested a reversal in interest rate policy was on the cards, saying that while the Federal Reserve would \u201clike to do a dovish hike, just for credibility\u2019s sale,\u201d doing so would be a \u201chuge policy error.\u201d <\/p>\n<p>Alongside his prediction of tough times for the U.S. economy, Novogratz expressed a bullish sentiment for crypto, saying:<\/p>\n<blockquote><p>\u201cIf there was ever a time to be in bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we\u2019re seeing that.\u201d<\/p><\/blockquote>\n<p>The price of Bitcoin dipped after the collapse of Silicon Valley Bank last week but managed to <a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-sees-new-2023-high-as-cpi-sends-btc-price-above-26k\" rel=\"noopener\">reach new 2023 highs<\/a>\u00a0of $26,514.72 on March 14, according to CoinMarketCap.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Looks like Bitcoin is moving on from its risk asset days. As more and more people begin to understand its fundamental value case, the market is slowly turning to Bitcoin as a digital form of gold.<\/p>\n<p>\u2014 Handre van Heerden (@Handrev) <a target=\"_blank\" href=\"https:\/\/twitter.com\/Handrev\/status\/1635553042836619264?ref_src=twsrc%5Etfw\" rel=\"noopener\">March 14, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/us-credit-crunch-means-it-s-time-to-buy-gold-and-bitcoin-novogratz\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States is headed for a credit crunch and now is the right time to buy gold, silver and Bitcoin (BTC), says Galaxy Digital founder and CEO Michael Novogratz. \u201cWe are going to have a credit crunch in the U.S. and globally,\u201d Novogratz explained\u00a0in an interview on CNBC. &#8220;You want to be long gold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,453,5037,12218,113,1661,2641,232],"class_list":["post-46375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-buy","tag-credit","tag-crunch","tag-gold","tag-means","tag-novogratz","tag-time"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/03\/f2d8a64c-00f2-4028-a5eb-8f8843cf3414.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/46375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46375"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/46375\/revisions"}],"predecessor-version":[{"id":46377,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/46375\/revisions\/46377"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/46376"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46375"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}