Mike Novogratz, CEO of crypto bank Galaxy Digital, has said in an interview with CNBC that Bitcoin is a "great" alternative to fiat currency for residents of countries that have inefficient monetary policies.
According to Novogratz, if the Federal Reserve and the Department of the Treasury could cope with rising inflation and pay off the country's foreign debt, Americans would not have to buy cryptocurrencies.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
He has pointed out:
"If you lived in Turkey, you would feel extremely stupid to keep all your savings in lira. When inefficient economic policies are being pursued – and our policy was not the best, let’s not hide – bitcoin is an excellent alternative."
Novogratz has also noted Bitcoin is unlikely to be used for payments, instead, he sees the asset as a store of value.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
The billionaire has previously called the freezing of Russia's gold and currency reserves under sanctions "the most important event in the last ten years" in an interview with Bloomberg. In his opinion, the actions of the US, the EU and their allies will force the world to reconsider its attitude to the dollar.