‪Mike Novogratz Believes Rising Inflation Will Boost Bitcoin Adoption

Published by
‪Mike Novogratz Believes Rising Inflation Will Boost Bitcoin Adoption

Bitcoin has often been touted to be a hedge against bad policies of centralized governments, and the narrative is not going away soon. Mike Novogratz, the CEO of Galaxy Digital, stated that Bitcoin will continue to see more adoption as long as governments continue to tumble with the economies of their countries.

Advertisement

Bitcoin will only get more momentum in adoption, says Novogratz

In an interview with CNBC, Novogratz noted that Bitcoin is not likely to succeed as a transactional currency. However, it’s forte would be as a store of value (SOV) asset or “digital gold.”

The serial investor stated that Bitcoin adoption as an SOV was already very advanced. The Bitcoin community is currently the 8th largest country in the world by participants, more populous than even Russia. The community has attracted participants who have lost faith in their governments and would continue to do so as long as trust gets eroded.

Novogratz cited the US, Turkey, and Russia as case studies of the rising disillusionment with governments.

He explained that if the Fed chairman Jerome Powell, or the treasury secretary Janet Yellen, could get the US economy out of inflation, there would be no need for US citizens to buy Bitcoin.

Similarly, Russian and Turkish citizens who have their wealth in the Russian ruble or Turkish lira would be feeling stupid at the moment going by the current economic situations of both countries.

And so, when there is bad stewardship of the economy – which our stewardship has not been great, let’s make no bones about it – Bitcoin provides a great alternative, Novogratz maintained.

Advertisement

Bitcoin bullish outlook stronger than ever

The Bitcoin bull has previously stated that he expects “viral adoption” of the pioneer cryptocurrency to be the catalyst needed for the price of the asset to reach $500,000 in the next five years.

The Galaxy Digital chief executive has not been the only bull recapitulating their Bitcoin stance. Michael Saylor, the CEO of MicroStrategy, recently called Bitcoin “the American dream” for its ability to be detached from political tensions.

However, Bitcoin has continued to trade with apparent volatility in the market. The price has ranged from a high of $41,300 to a low of $37,700 in the last week. Bitcoin is changing hands at around $40,700, down 0.11% in the last 24 hours at the time of writing.

Share
Olivia Brooke

Olivia’s interests spans across the Cryptocurrency and NFT and DeFi industry. She remains as fascinated by cryptocurrencies today, as she was back in 2017, when she first started reading up about them.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

World Liberty Financial Discloses Reason for Blacklisting 272 Wallets

World Liberty Financial (WLFI) has confirmed that it blacklisted 272 wallets and explained why it…

September 6, 2025
  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub

Michael Saylor highlighted Strategy’s outperformance after the company was excluded from the S&P 500. The…

September 6, 2025
  • 24/7 Cryptocurrency News

Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair

U.S. President Donald Trump has revealed his shortlist of candidates who could potentially replace Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025