The invasion of Ukraine by Russia could push crypto adoption and ultimately lead to a marginalized US Dollar according to billionaire and founder of Galaxy Investment Partners Mike Novogratz.
“This is a big deal, in a lot of ways. This is starting the acceleration of de-dollarization of the world,” Novogratz stated.
Who is Mike Novogratz:
Mike Novogratz is an American Investor, a long time Bitcoin bull and current CEO of Galaxy Investment Partners which focuses it’s investments in the cryptocurrency space. He previously was elected a partner and held several prestigious positions at Goldman Sachs as well as a hedge fund manager for Fortress Investment Group. He was ranked with billionaire status by Forbes in March 2007.
According to a Bloomberg report, Novogratz predicts the invasion and war in Ukraine may “push more regular people toward crypto.” He also echoed Ripple (XRP) CEO Brad Garlinghouse in saying that he does not believe Bitcoin will be used to circumvent sanctions imposed on Russia by the West. Since the invasion began, there has been a recent rise in Bitcoin (BTC) trading using both the Russian Ruble and the Ukrainian Hryvnia, Novogratz points out “decentralized currency can offer refuge when access to traditional banking breaks down.”
“We’ve never had a group of nations in essence confiscate real estate from Russian tycoons,” Novogratz stated. “This sends a message: I want to have money that lives outside of traditional power. That’s why Bitcoin was created, because people don’t trust governments.” In contrast, blockchain ledgers are transparent.
With the world also watching tensions escalate between China and Taiwan, China may learn from the Russia-Ukraine war in relation to relying too heavily on the traditional banking systems and the US Dollar. Novogratz stated “I’ll tell you one thing, you are going to sell your reserves before you invade Taiwan”