Galaxy Digital CEO and founder Mike Novogratz believes that one catalyst could send digital assets soaring within months.
In a new interview with CNBC, the billionaire predicts that the Federal Reserve will start cutting interest rates in October, after having raised them since last March to lower inflation.
Novogratz says the Fed’s rate-cutting will likely send Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies soaring. Rate cuts inject liquidity into the financial markets and a surge in market cash flow has historically fueled crypto rallies.
“If what I think is going to happen happens and we see a real slowdown in the second half of the year, the Fed will be cutting rates by October and crypto is going to be off to the races.”
The Galaxy Digital CEO believes that the Fed will have to start cutting interest rates because of the impact of high-interest rates on the US economy. He predicts precious metals gold and silver will also increase along with digital assets.
“The US economy will slow. All these interest rate hikes will have an impact. The banking crisis will stop lending to small businesses which will finally show up in unemployment. It just takes a while. And so I think if we’re talking in October, the Fed will have a very different tone and that will be the catalyst for assets, especially gold, silver, Bitcoin, Ethereum to head higher.”
Bitcoin is trading for $26,919 at time of writing, down 0.2% during the last 24 hours, while Ethereum is worth $1,863 at time of writing, up 0.2% during the last 24 hours.
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- Source: https://dailyhodl.com/2023/06/01/billionaire-mike-novogratz-says-one-massive-catalyst-will-send-crypto-off-to-the-races/
