Mike Novogratz
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Mike Novogratz Says Jerome Powell Could Slow Down The Cryptocurrency Industry

Mike Novogratz is clearly not in support of U.S. President Joe Biden’s decision to pick Jerome Powell to chair the Fed for a second term.

Furthermore, Mike Novogratz isn’t speaking as a Bitcoiner but as an overall investor. So, He believes Powell could cause harm to the markets’ growth.

Also, in an interview for CNBC this week, Mike Novogratz highlights more stories. More so, noting that Jerome Powell is yet to understand the political and economic reality of the United States. Also, that the markets have a similar view, being pessimistic about his tenure.

Additionally, Mike Novogratz explains that “people are getting pretty bearish” on crypto, that’s after Jerom Powell’s appointment. Particularly, after the changes in the “macro story.”

So Mike Novogratz explains.
“We have inflation showing up, you know, in pretty bad ways in the U.S…”
“So, we can see, is the Fed going to have to move a little faster…”
“That would slow all assets down. It would slow the Nasdaq down…”
“It would slow crypto down if we have to start raising rates much faster than we thought.”

Currently, The United States is experiencing its highest inflation in 30 years. At 6.2% annually, about 39 of the 46 world’s largest economies showing higher inflation year-on-year.

Lastly, Mike Novogratz debates on Powell’s confidence of a new mandate, can be more aggressive with his policies. That’s, without needing to cut down his actions so as not to put his job at risk.
Also, that Jerome Powell’s thinking so far seems to favor an expansionary monetary policy.

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