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Trump’s Economy Makes Michael Novogratz ‘More Bullish’ on Bitcoin
By CCN: Go right ahead lefties with your monetary policies. You’re rallying crypto bulls. And you right leaners who are calling for lower interest rates are as good as gold for crypto, too.
That’s the message from former hedge fund manager Michael Novogratz. The bitcoin bull weighed in on monetary policies being bandied about that are essentially making the case for crypto. Novogratz is the CEO of cryptocurrency merchant bank Galaxy Digital.
In a tweet this weekend, he pointed to calls for interest rate cuts being made by Vice President Mike Pence as well as former Fed contenders Stephen Moore and Herman Cain. While nominated by Trump, Moore and Cain eventually withdrew their names from consideration.
Then there’s the controversial Modern Monetary Theory (MMT) that Rep. Alexandria Ocasio-Cortez has proposed as a way to fund her Green New Deal. She is the gift that keeps on giving. For the crypto space, her push for MMT does just that.
This makes me more bullish Bitcoin. Stephen Moore, Herman Cain, and Mike Pence all make me bullish hard money. To be fair, MMT and some of the far left’s policies also makes me bullish crypto. https://t.co/BdKCUUnhEX
— Michael Novogratz (@novogratz) May 4, 2019
To Cut or Not to Cut
The Federal Reserve decided to leave interest rates unchanged last week. This was disappointing to Pence and others who see the strong economy as one reason rates should be cut. Pence recently told CNBC:
“I think it might be time for us to consider lowering interest rates. We just don’t see any inflation in this economy at all. We’re seeing jobs being created all over the country; that should be an encouragement to every American and also to people that operate our monetary policies.”
