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Galaxy Digital CEO Michael Novogratz explains why it is a dangerous time to be in the stock market right now, leading up to the U.S. presidential election. While bearish on the dollar, Novogratz is bullish on bitcoin and gold but thinks that bitcoin has more upside than gold.<\/strong><\/p>\n Billionaire investor and Galaxy Digital CEO Michael Novogratz explained his view on the best investments as the November U.S. presidential election approaches in Wednesday\u2019s episode of CNN\u2019s Markets Now show.<\/p>\n \u201cI think in the short run we saw the high in the Nasdaq, we saw the high in Apple, we saw the high in Tesla,\u201d he began, adding that going into the November presidential election, the Nasdaq \u201ccan easily trade down to 10,000, another 10%, 11% down from here.\u201d<\/p>\n Emphasizing that the election is only about 40 days away, Novogratz said: \u201cI think between now and the election, volatility stays high and risk gets taken off.\u201d He elaborated:<\/p>\n I think it\u2019s a really dangerous time to be in the market. I\u2019ve taken a lot of risk down and kind of waiting for better, more clarity and better entry points \u2026 I do think selling the dollar will be a trend that continues.<\/p>\n<\/blockquote>\n \u201cThere will be a time to buy stocks again but I think with this election literally 40 days away, if Biden wins, he\u2019s raising taxes and he\u2019s raising capital gains tax, most specifically. The market is not going to digest that well,\u201d he noted, adding, \u201cI think Biden is going to win.\u201d The billionaire investor further revealed: \u201cI am short the Nasdaq, I am short some Apple, [and] I\u2019m short Tesla.\u201d<\/p>\n On the subject of bitcoin, he highlighted that the cryptocurrency has some correlation to the Nasdaq and the S&P, but said, \u201cI don\u2019t believe that\u2019s a long-lasting correlation.\u201d<\/p>\n To illustrate his point, he described: \u201cIf the Nasdaq fell 5% today, bitcoin would probably be lower, not higher. But I think you are going to see those correlations break down. The macro story is so promising for shorting the dollar, going long gold, and going long crypto. And we are seeing more and more adoption.\u201d When asked if an average investor should own bitcoin, he affirmed:<\/p>\n Yes, yes. The average investor should have 1% to 3% of their portfolio in bitcoin. It is an amazing hedge.<\/p>\n<\/blockquote>\n \u201cIn my lifetime and in the history of independent central banks, we have never had an environment where the central bank and the treasury are no longer independent. They are the same thing. The treasury prints, and the central bank buys. And so we don\u2019t know what\u2019s going to happen. The level of uncertainty around fiat currency, around the dollar, around inflation has to be significantly higher than any time in our lifetimes,\u201d he continued.<\/p>\n Novogratz also discussed gold and the reasons why he prefers bitcoin. \u201cI think gold and bitcoin are very similar assets. Why I like bitcoin better is that it\u2019s much earlier in the adoption cycle,\u201d he divulged. \u201cIf you want to buy gold, you know how to buy gold. It\u2019s still a pain in the rear to buy bitcoin. And so there are firms like ours and Fidelity and plenty of them that are working overtime to make it easier for people to buy \u2026 and feel safe owing bitcoin.\u201d<\/p>\n While believing that the price of gold will rise, Novogratz expects bitcoin\u2019s price to increase to \u201c$50,000, 5X from here\u201d in two years. The billionaire investor concluded:<\/p>\n I am a real bull on gold. I\u2019m a real bull on bitcoin. I just think bitcoin\u2019s got more upside.<\/p>\n<\/blockquote>\n What do you think about Mike Novogratz\u2019s view on bitcoin? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Novogratz: Dangerous Time to Be in Stocks, Bitcoin Has More Upside Than Gold<\/a> appeared first on Bitcoin News<\/a>.<\/p>\nDangerous Time to Be in Stock Market, Buy Bitcoin<\/h2>\n
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