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Mike Novogratz Confirms the Usefulness of Bitcoin

The banking crisis in the US has been an “adrenaline rush” for digital assets and has given the bitcoin community “incredible resilience.” Mike Novogratz, CEO of Galaxy Digital cryptobank, stated this. The Block.

According to the expert, the digital gold rally confirmed the feasibility of its creation for the crisis in the US economy.

“Satoshi Nakamoto was worried about the collapse of the financial system back in 2009 […]. Bitcoin is the first decentralized store of value. There’s nothing like a banking crisis in the states […] to remind you that our systems are fragile. We were in a debt bacchanalia, satiating ourselves with cheap money for many years, ”the specialist explained.

The comments came after the publication of financial statements for 2022, according to which the net loss of Galaxy Digital amounted to $1 billion against $1.7 billion in profit for the previous year.

Novogratz is confident that the macroeconomic tailwind will continue. According to preliminary data, from January 1 to March 24, 2023, the company received pre-tax income in the amount of $150 million.

The CEO of Galaxy Digital criticized the regulatory regime of the industry in the US, recalling the reduction of uncertainty in other jurisdictions like Hong Kong.

“Democrats felt stupid because of their proximity to [экс-главе FTX] Sam Bankman-Fried – from the SEC to the CFTC to the Biden administration – and used this one example of a horrendous scam and that a guy in Bermuda shorts scammed them to just say that this is all bad, ”Novogratz explained.

In March, the CEO of Galaxy Digital said that now is the best time to buy digital gold as a hedge against economic problems.

A month earlier, Novogratz called “good” the chances of the first cryptocurrency to return to the level of $30,000 by the end of March.

Source: Cryptocurrency

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