Mike Novogratz: The US Needs a Digital Dollar

Mike Novogratz, founder of Galaxy Digital, says the United States would be at a disadvantage in the global race if it does not create a digital currency soon. He said this in an interview MarketWatch.

According to him, the importance of this step is underscored by China’s progress along the path toward issuing a digital currency.

“For me, this is an existential crisis; we need a digital dollar,” said the investor.

Novogratz says there is no evidence that the Chinese government buys Bitcoin, let alone uses the premier cryptocurrency as a weapon. He commented on the earlier stated suggestion by PayPal co-founder Peter Thiel.

“Sometimes he likes to say provocative things,” added Novogratz.

Earlier, the prototype of the U.S. digital dollar to be unveiled by July. It is being developed by staff at the Boston Fed and MIT.

The experiments with the digital currency at the Federal Reserve System (the Fed) began in February 2020.

Fed Chair Jerome Powell has previously noted that for the United States it is important not to be first to issue a digital currency, but do so with the right approach.