19:29Novogratz predicts young people will buy Bitcoin with their stimulus checks
Mike Novogratz claims that many people bought Bitcoin after the last round of federal stimulus checks and thinks they're likely to again.
Amid a long battle over whether or not United States citizens will get their $2,000 stimulus checks to help them to weather the economic repercussions of the COVID-19 pandemic, Mike Novogratz has weighed in on what the news could mean for the stock and crypto markets.
The CEO of Galaxy Digital spoke to CNBC's Squawk Box amid the surreal image of a Wall Street apparently unfazed by the commotion in the Capitol yesterday. As a Fox News caption had it in real-time yesterday, "Markets rally as protestors disrupt electoral college vote."
A further round of stimulus checks at $2,000 each, recently approved by the House of Representatives, could, from Novogratz's perspective, be further good news for the markets. With the Senate now flipped after the runoff election in Georgia, he noted that:
"The market's sensing all that," Novogratz added. While many working Americans continue to struggle through the economic turbulence and job precarity exacerbated during the 2020 crisis, he pointed to the bullish sentiment among traders of all stripes:
Earlier this week, Novogratz attributed Bitcoin's unprecedented price highs to institutions moving in, pointing to PayPal's servicing of Bitcoin as well as action from big U.S. insurers. As of press time, the coin is trading at close to $38,000, up almost 8.6% on the day.
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