Mike Novogratz Says the US Could Encounter Existential Crisis If It Doesn’t Develop Digital Dollar

Michael Novogratz, who is a well-known and distinguished veteran investor and Bitcoin (BTC) bull, has predicted the future of the United States’ economy and has disclosed his views and intentions regarding cryptocurrencies. He believes that the US will have to face an existential crisis economically if it doesn’t upgrade itself and develops the digital currency that is the future of the economy.

Moreover, he said that right now, the United States is standing in a stable and fine economic condition, but in the coming time, the US is most likely to face the competition economically, so it is advisable to take the necessary step in the digital world and should focus on developing digital dollar to avoid any existential problems which would disturb the economy of the State.

E-Dollar: Significant Influencer

Michael Novogratz is not only acknowledged as the Bitcoin (BTC) bull, but he was also the ex-hedge fund manager of the Fortress Investment Group and is currently serving as the Chief Executive Officer (CEO) of the Galaxy Investment Partners, focusing on crypto investments like Ethereum (ETH) and Bitcoin (BTC). In an interview on Friday, he underlined the worth of having the digital dollar in order to boost the US’s economy. He said that the US is in need of generating and regulating the digital dollar as lacking cryptocurrency is an existential crisis for the State.

Moreover, in the interview, he also discussed the pandemic situation due to COVID-19 that how the whole world is suffering not only on a social level but financially as well. The prevailing has disturbed economic markets around the world, and the U.S is facing the same phase, so it is the need of the hour to upgrade ourselves with the passage of time to avoid any crucial circumstances.

He also quoted Hyman Misky that recent distortion in the regulation of the financial system would end up badly we don’t generate digital currency to cope up with the prevailing scenario.

China is in Competition

In the interview with MarketWatch, he shared his keen observation as he claimed that developing the e-dollar is yet under research and question for the United States, but China is a step ahead in this regards as they have already fired the initial salvo over the cryptocurrency front as digital Yuan has already got admired.

According to Michael Novogratz, in the current era, war is depending on the currency as a tool or weapon to get ahead, and no doubt China is on track to compete with the United States. Few other resources claim that Bitcoin (BTC) could be a powerful tool for China to give a hard competition to the U.S.

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