Mike Novogratz forecasts a bullish takeoff for Bitcoin (BTC) once the US Federal Reserve eases down on its aggressive rate hikes aimed at taming inflation.
The current cycle has especially been tough for the firstborn crypto, as it suffers from both an unfavourable outlook, and the effects of growing correlation with traditional finance. As a consequence, Novogratz believes the asset will stage a comeback once the abysmal macro climate cools.
Novogratz disclosed these opinions while speaking on a CNBC Squawk Box episode Tuesday. The 53-year-old CEO of Galaxy Investment Partners implied that Bitcoin lost its status as a potent hedge against inflation when Fed Chair Jerome Powell began his campaign of interest rate hikes.
Bitcoin, often touted as an inflation hedge, collapsed in tandem with other risk assets as the Fed staged its response against inflation. The asset's recent correlation with traditional finance contributed to its fall.
"When Powell started beating inflation over the...
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