Billionaire Novogratz Sees War Blunting Dollar, Boosting Crypto
- Crypto bull sees invasion pushing regular people into crypto
- May be start of ‘accelerating the de-dollarization’ of world
Mike Novogratz
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
Russia’s invasion of Ukraine could prompt more people to turn away from the dollar in a potential boost for cryptocurrencies and local fiat, according to billionaire Mike Novogratz, a long-time crypto bull.
The recent surge in Bitcoin trading using the Russian ruble and Ukrainian hryvnia has bolstered advocates’ case that a decentralized currency can offer refuge when access to traditional banking breaks down. The invasion and sanctions against Russia could push more regular people toward crypto, Novogratz said while making clear that doesn’t imply Bitcoin is being used to avoid sanctions.