Novogratz Talked Crypto and Why USD Might Never Be the Same

by in Cryptocurrency News

Mike Novogratz crypto

The CEO of the financial services and investment management company Galaxy Digital, Mike Novogratz says the world won't switch to bitcoin overnight, but we are entering the world where people will try to figure out what is the reserve currency, looking to different assets like gold and digital currencies. Novogratz mentioned that more people started to question the dollar's being a risk-free asset.

Related: Mike Novogratz thinks gold and Bitcoin are safe assets

Novogratz said he didn't think Bitcoin price would see a massive rally in the created geopolitical situation. In an interview with Bloomberg Technology, Novogratz explained why he finds that Senator Elizabeth Warren is wrong in saying that Russia can use crypto to circumvent sanctions. He says that there is zero chance for the Russian government to avoid economic restrictions via crypto. Novogratz mentioned that almost all cryptocurrencies move to crypto exchanges and they are regulated and use KYC processes. The other reason is that Bitcoin is a public blockchain and all activities are transparent.

Also, Novogratz said we need to look at crypto from another point of view, as it is a lifeline to people in countries with poor stewardship of the economy. According to him, we should be thrilled that Russians can get some of their money on BTC so that they aren't completely broke holding depreciating rubles.