Jerome Powell Could Slow Down The Cryptocurrency Industry, Mike Novogratz Says - Aliens: AI Crypto News & Markets Updates

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Jerome Powell Could Slow Down The Cryptocurrency Industry, Mike Novogratz Says

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CryptoPotato

Fri, Nov 26, 2021

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Mike Novogratz is not happy with U.S. President Joe Biden’s decision to pick Jerome Powell to chair the Fed for a second term.

And he’s speaking not as a Bitcoiner but as an overall investor: He believes Powell could be detrimental to the markets’ growth.

In an interview for CNBC this week, Novogratz hinted that from his point of view, Jerome Powell had failed to understand the political and economic reality of the United States and that the markets have a similar view, being pessimistic about his tenure.

Speaking about the cryptocurrency market, Mike Novogratz said that “people are getting pretty bearish” on crypto after Jerom Powell’s appointment, especially following the changes in the “macro story.” “We have inflation showing up, you know, in pretty bad ways in the U.S. So, we can see, is the Fed going to have to move a little faster ...

Mike Novogratz argues that now that Powell has the confidence of a new mandate, he can be more aggressive with his policies without needing to measure his actions so as not to put his job at risk.

I’ve had the same conversations with big pension funds in the United States.” Novogratz always argued —especially in 2017 and 2018 — that institutional investors would play a major role in the rise of the cryptocurrency industry and that Bitcoin could easily reach $100K soon.

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