Founder of Galaxy Digital: Powell should immediately cut interest rates

According to reports, Mike Novogratz, founder of cryptocurrency investment company Galaxy Digital, said in an interview with CNBC’s Squawk Box today that the performance of the crude oil market has already told the market that it is entering a depression phase. Jerome Powell (Chairman of the Federal Reserve) should immediately suspend interest rate hikes and then lower interest rates faster than we expected. Now is the time to focus on Bitcoin and cryptocurrency, which is why Bitcoin and cryptocurrency were created.

Interpretation of this information:

Mike Novogratz, founder of Galaxy Digital, is ringing alarm bells about the state of the global economy. In an interview with CNBC’s Squawk Box, he discussed the performance of the crude oil market as a signal that the economy is entering a depression phase, and urged Jerome Powell, the Chairman of the Federal Reserve, to suspend interest rate hikes and lower them faster than expected.

Novogratz then makes a sweeping statement about the critical importance of Bitcoin and cryptocurrency in this economic climate. He seems to suggest that now is the time to shift focus to Bitcoin and other cryptocurrencies since they were created for such an economic climate. Although Novogratz doesn’t provide concrete guidance on what Bitcoin and cryptocurrency can specifically do, it seems he’s advocating for these digital currencies as an alternate investment and hedge against the current economic instability.

Novogratz highlights the crude oil market as a leading indicator of the economy’s health, and an indicator that the economy is headed toward a depression phase. It’s unclear what specific data he’s using to make this claim, as there are varying opinions on the connection between the crude oil market and the overall economy. However, Novogratz is a highly respected figure in the cryptocurrency industry, so his warning should not be taken lightly.

Novogratz’s call for Powell to suspend interest rate hikes and make more drastic cuts is not a unique one. Many economists and financial experts have urged the Federal Reserve to adopt aggressive stimulative measures in the face of slowing global economic growth. Novogratz joining this chorus helps to amplify the urgency of the situation.