Novogratz Comments On China’s Scary Upper Class Instability And Helping The Future Of Bitcoin


After a 2011 report on the wealthiest people in China was released, the whole world, it seemed, started to look at the country’s upper-class citizens, a tad differently. The report – published by a Forbes contributor known as Ray Kwong – used data from various news reports released at different times. This report made a claim that there was a dangerous spike in the mortality rate of billionaires.

According to the Kwong,

Executions also claimed the lives of 14 of them. Kwong was of the opinion that it is quite worrisome that these many people within a small demographic, died so questionably.

How Does This Affect Bitcoin?

Bitcoin visionary, Mike Novogratz, has stated that the report made him a little queasy and that everyone should be worried. Additionally, Novogratz says that the report and its effect would most likely be felt by Bitcoin.

Mike Novogratz who founded Galaxy Digital – which is a very crypto-friendly merchant bank – said,

“My assumption is if there is that much instability in having wealth, people are probably trying to move at least some portion offshore and BTC is part of that.”

Chinese State Of Affairs As It Affects Billionaires

China is known to have a bit of a stronghold on the country’s cash flow. The government has sometimes been accused of meddling with the cash and assets of certain wealthy billionaires who may have a problem or two with the party policy.

Specifically, China’s president Xi Jinping is said to have deliberately made things a bit difficult for some of them who aren’t operating in alignment with him, even if they aren’t working against him. This has caused a lot of problems.

Novogratz predicts that if things do not change and the Chinese people continue to be very wary about the seeming uncertainties that seem to come with the upper class status, they might be forced to take some of that wealth out of the country and might convert some into Bitcoin.

Effects

Bitcoin is said to be a strong player in the lives and business of the Chinese billionaires and this might take a hit if the government decides to stifle Bitcoin transactions in a bid to stop the billionaires. Therefore, if this prediction comes to pass, Bitcoin will take a hit in the world’s most populous country.

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