Mike Novogratz Blames Baby Boomers for the Recent BTC Adoption As Bitcoin Touches $38,400

Bhushan Akolkar Bitcoin News published January 7, 2021 | modified January 7, 2021

Mike Novogratz Blames Baby Boomers for the Recent BTC Adoption As Bitcoin Touches $38,400

In a recent interview with CNBC’s Squawk Box, Galaxy Digital CEO and Wall Street veteran explains why Bitcoin has been the favorite for millennials and GenZ. He goes on to blame the governments and central banks for creating giant deficits and leaving no space for the current generation to make quality money.

Interestingly, Novogratz blames the Baby boomers behind this giant deficit creation. During the interview, Novogratz mentions:

“It’s why millennials and Gen Z intuitively are buying Bitcoin because they know they’re kind of screwed. The Baby Boomers have eaten all their future lunches in lots of ways by building these giant deficits.”

Novogratz adds that Bitcoin will thus always be co-related to risk assets in the short term as well as the long term, as more and more institutions line-up to get BTC.

Bitcoin (BTC) continues to break every ceiling as it moves past $38,000 levels to hit a new all-time high. In just 24-hours, Bitcoin (BTC) has added a massive $3500 to its price moving past $35K, $36K, $37K, and now also above $38K in a matter of few hours. In the last 24 hours only, BTC has added a massive $200 billion to its market cap.

At press time, Bitcoin (BTC) is trading at $38,444 with a market cap of $714 billion and is just short of Tesla’s market cap. Thus, if Bitcoin were to be a company, it will be the seventh-biggest corporation in the world.

In another interview with CNBC host Julianna Tatlebaum, Bitcoin evangelist and Morgan Creek Digital founder – Anthony Pompliano – goes on to explain how global macro situations over the last year have turned things in favor of Bitcoin (BTC). Pomp states that with the massive currency debasement and the fiscal stimulus by central banks, Bitcoin has emerged as the greatest protector of purchasing power. Right from the supply shock of early 2020, we are now into the demand shock, he says. Listen to it from Pomp where he explains how Bitcoin (BTC) has emerged as a safe haven.

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Bhushan Akolkar 382 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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