Mike Novogratz, the chief executive officer of crypto merchant bank Galaxy Digital, says he’s buying Bitcoin (BTC) while governments around the globe indulge in a money printing spree to combat the financial crisis.
In an interview on CNBC’s Squawk Box, the billionaire investor reveals why he remains bullish on the king coin despite the economic downturn.
“I have a big Bitcoin position. I continue to add to it because I think this is an amazing environment for both being long gold and long Bitcoin.”
Novogratz says he continues to buy stocks. He admits he recently bought Starbucks, but he is more optimistic about his investments in non-stock assets.
He’s also cautious of the effects of what he calls a “money printing orgy” happening worldwide, as governments take measures to curb the economic impact of the coronavirus pandemic.
“Nancy Pelosi came out today, talked about another trillion dollars of stimulus. Money is growing on trees right now, [but] I learned when I was a little kid that money doesn’t really grow on trees.
We have a global money printing orgy going on. And maybe it’s necessary. But at one point, that comes home to roost. So I think hard assets are going to be a big buy. Gold and Bitcoin are my two favorites.”
“Money is growing on trees right now. I learned when I was a little kid that money really doesn’t grow on trees. We have a global, money-printing orgy going on … at one point that comes home to roost,” says @novogratz on why he is buying hard assets like gold, #btc #bitcoin pic.twitter.com/TvWiQdntmt
— Squawk Box (@SquawkCNBC) April 7, 2020
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