Michael Novogratz Says POTUS Trump's Economic Policies Make Him More Bullish About Bitcoin

In a recent Tweet, the recognized investor and founder of Galaxy Digital said that economic policies make him more bullish about Bitcoin (BTC) and digital currencies. There are several US leaders, including President Donald Trump and Vice President Michael Pence that suggest that the Federal Reserve (FED) should cut interest rates even further for the economy to grow.

Michael Novogratz Bullish on Bitcoin

Although Michael Novogratz has always been bullish on Bitcoin and digital assets, this time, the crypto expert and investor seems to be sure about the direction of virtual currencies. In a recent tweet, he uploaded an article regarding Mike Pence suggesting for lower interest rates in order to boost economic growth in the United States. Novogratz commented that these kinds of policies make him more bullish about Bitcoin's price.

At the same time, he explained that there are some policies that are suggested by the far left that make him even more bullish on virtual currencies. For example, Alexandra Ocasio Cortez proposed 70% taxes for some individuals and a very generous social policy.

Furthermore, Novogratz wrote that the controversial Modern Monetary Theory (MMT) that Cortez proposed to fund a Green New Deal makes cryptocurrencies much more relevant in the future.

The U.S. Federal Reserve has decided to leave interest rates without changes last week. Pence and other political leaders were disappointed about the policies that were implemented by the central bank of the country because they were waiting for a drop on interest rates.

Pence commented during a conversation with 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.”

Back in December 2018, Trump criticized the decision that the FED took to increase rates. Alongside Larry Kudlow and Steve Mnuchin, he has been requesting lower interest rates for the economy to grow at a faster rate.

MMT policies would clearly create an inflationary spiral. If there is a lot of money moving towards just a few goods, this would create inflation and governments would have to take different measures in order to reduce the inflation rates. Most of the countries do not have inflationary problems, but there are a few such as Argentina, Venezuela, Iran and Ukraine that experienced high inflation rates for over the last few years. Reducing inflation takes several years and it is costly for a population that is also taxed with inflation.

Bitcoin has a fixed supply and users can be sure that the number of BTC in the market is going to remain stable. There is no central authority that would decide about the future of the cryptocurrency, which makes it a good asset for individuals to store. Just next year, Bitcoin is going to be experiencing a reward reduction for miners that will move from 12.5 BTC per block to 6.25 BTC per block.

Currently, there are 17.68 million BTC in the market but there will ultimately be 21 million BTC in over a hundred years.

Bitcoin’s price is $9,313.05 BTC/USD exchange rate today. The real-time BTC market cap of $171.65 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $2.77 Billion and live coin value change of BTC 0.71 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,313.0527 change ~ 0.71%

Coin Market Cap

$171.65 Billion

24 Hour Volume

$2.77 Billion

24 Hour VWAP

$9.26 K

24 Hour Change

$66.1726

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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