Lucas Jackson/Reuters
- Galaxy Digital CEO said that the US is heading for a credit crunch and economic downturn.
- "[T]he commodity market is telling you, the oil market is telling you we're heading into a recession."
- In his view, it's time to invest in gold and bitcoin.
The US economy is facing a credit crunch and looks likes it's headed for a recession amid the Silicon Valley Bank fallout, according to Mike Novogratz, chief executive of Galaxy Digital, and that means it's time to be long on gold and bitcoin.
"If there was ever a time to be in bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we're seeing that," he told CNBC Wednesday.