Mike Novogratz Tells Investors To Buy Bitcoin And Gold
The crypto market saw a recent boom that took Bitcoin close to $9,500.
The bull run was followed by a massive selloff, according to the reports and now it seems that the crypto enthusiasts continue to hold on to their coins ahead of the halving.
The much-awaited event is expected to take place on May 12.
Bitcoin and gold are the best safe havens, says Mike Novogratz
Galaxy Digital CEO Mike Novogratz shared one more reason to buy BTC and gold.
These are safe haven assets even though there are a lot of naysayers who deprive BTC of this status.
On the other hand, we must highlight the fact that following the massive March 12 crypto crash, BTC almost hit $9,500 on CMC, which was an extreme bounce back.
People continue to see Bitcoin as a viable flight to safety despite the massive volatility in the crypto market. Interest in the king coin has been on the rise, and people are accumulating ahead of the halving.
Novogratz shared an article about a “civilized country” that brings down interest rates to the negative level amidst the current financial crisis triggered by the coronavirus pandemic.
Deutsche Bank introduces a negative interest rate
Mike Novogratz retweeted an article shared by Jan Nieuwenhuijs who is a gold analyst at Voimagold.
He pointed out the fact that the central bank in Germany introduces negative interest rates for deposits that are above 100k EUR.
— Michael Novogratz (@novogratz) April 30, 2020
Lyn Alden the founder of Lyn Alden Investment Strategy, explained in the comments section that with this now introduced in Germany, expenses for holding gold and silver are not looking that bad these days.
Negative rates on cash make the expense for holding gold and silver not look so bad.
— Lyn Alden (@LynAldenContact) April 29, 2020
A Twitter user responded to her, as noted by the online publication UToday and said that the only expense you’ll have by holding BTC is for the piece of paper on which you’re writing your seed phrase.
Someone addressed the fact that money “is growing on trees” these days, referring to the money printing frenzy.
“Unfortunate that these trees only grow in certain backyards. Those that understand what hard money is will increasingly move from a single digit percentage to a double digit percentage allocation. #btc is the hardest money ever created, we do indeed need to act accordingly.”
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.