Benzinga - The latest episode of the Business Untitled podcast featured a discussion on the current economic climate with Mel Carter, American singer and actor, Michael Novogratz, CEO of Galaxy Digital, and Dave Barry, CEO of Urby.
What Happened: The trio addressed various topics, including America’s debt spiral, inflation, and potential changes to social security, with a focus on investment strategies in an inflationary environment.
Novogratz proposed investing in hard assets such as real estate, gold, silver, and stocks, especially those tied to commodities. Despite Bitcoin‘s (CRYPTO: BTC) recent correction, he maintained his interest in the cryptocurrency.
He said, “I still like Bitcoin as the new generation’s hard asset but also stocks, stocks are hard assets.”
During a Q&A session, Barry discussed strategies involving Bitcoin, real estate, and asset acquisition for wealth building in one’s 30s and 40s.
The panel also deliberated on generating wealth without initial capital. They concluded by emphasizing the necessity of individual perseverance, asserting that with determination, one can navigate the path to financial success.
Barry elaborated, highlighting the cyclical nature of entrepreneurship: “It’s always a little bit of a circular game, like I have an idea, I have a property, I have a business plan, and then you go find money. So, I would never discourage anybody from trying to find money just because they don’t have any at that point in time. That’s the beauty of this country; there is money around. If you have a good idea, a dream, and an execution plan, you can often get money for that.”
Why It Matters: Novogratz’s advice aligns with his previous concerns about the potential implications of a rate cut by the Federal Reserve on cryptocurrency and precious metals. He had also expressed skepticism about Bitcoin's ability to sustain its recent surge in value, anticipating a period of volatility ahead.
His perspective contradicts that of economist Peter Schiff, who advised Bitcoin holders to exchange their holdings for gold and silver. Jamie Dimon, chairman and CEO of JPMorgan, also expressed concerns about inflationary pressures and higher interest rates.
Read Next: Elon Musk Reacts As Boeing CEO David Calhoun Receives $33M Compensation For 2023 Despite Airplane-Maker’s
Image VIa Shutterstock
Engineered by Benzinga Neuro, Edited by
Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you.
Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.