Galaxy Digital CEO: The Fed’s Policy Easing Will Drive BTC’s Growth

Reading Time: < 1 minute

Galaxy Digital CEO Mike Novogratz has said that Bitcoin will rise in price if the Fed refuses to aggressively raise rates to fight inflation.

According to him:

“When Fed chairman Powell started hitting inflation with a sledgehammer over the head, of course, Bitcoin pulled back, like many assets. If he gives up this fight, the quotes of BTC will immediately turn around.”

He has added that the Fed’s rate hike campaign has stripped Bitcoin of its status as a “powerful hedge against rising consumer prices.”

The watchdog’s policy had a greater impact through correlation with traditional financial assets than inflation itself.

We should also take into account the opinion of SkyBridge Capital CEO Anthony Scaramucci, who has doubted Bitcoin should generally be seen as a hedge against inflation. According to him, to gain this status, the asset needs to attract a billion users.