In an interview on March 15 with CNBC, the crypto mogul compared the current market conditions to December 2018, when the Federal Reserve's interest rate hike sent markets into a tailspin. He argued that the recent commodity market slump, particularly the oil market, indicated that the U.S. and the world were heading into a recession and a credit crunch.
Novogratz predicted that Federal Reserve Chair Jerome Powell would need to pause and even cut rates soon. Consequently, this could lead to a significant shift in psychology that could benefit Bitcoin and Ethereum."If there was ever a time to be in Bitcoin and crypto, this is why it was created," said Novogratz."Governments print too much money whenever the pain gets too great. And we are seeing that." He suggested that the current banking crisis in the U.S.
Novogratz also expressed concern about the contagion effect on the banking system. He predicted that people would learn their lessons and move toward four or five big depository institutions unless the Fed took further steps to guarantee deposits. He argued that Congress and the Fed would need to do something more dramatic on deposits, or there would be constant pressure on regional banks and the whole system.
The market is speculating that the current crisis might push the Fed to put the brakes on interest rate hikes. Novogratz's comments suggest that Bitcoin and other cryptocurrencies could benefit from a shift in psychology and a global recession.
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