MarketWatch/Mark DeCambre/6-14-2022
“They are hiking into the popping of a bubble.” – Michael Novogratz, CEO, Galaxy Digital
USAGOLD note: In a separate MarketWatch article, Novogratz likens cryptocurrencies’ meltdown to the LTCM implosion in 1998 that nearly brought down the entire financial system. We do not know the degree to which crypto positions are leveraged and what the impact that will have on the rest of the global markets should their rapid decline continue. Doubleline Capital’s Jeff Gundlach recently warned that bitcoin could go to $10,000. It’s at $22,500 as we post this comment.
