Galaxy Digital's Mike Novogratz: `We are not going to get a soft landing'

Michael Novogratz, founder and CEO of Galaxy Digital (OTCPK:BRPHF), said the U.S. economy is not going to see a "soft landing." "When inflation gets as high as it gets, you need the economy in a recession to stop inflation," Novogratz said earlier in an interview on CNBC. "But you've got inflation expectations that have come a bit unhinged." "When you look at the Ark fund or you look at some of the big hedge funds that are down, that often leads to liquidation," Novogratz added. "The market senses blood and goes for those positions. And so bear markets are hard to trade. You are going to see vicious bear market rallies, but you know the Nasdaq selloff isn't over. As long as the Nasdaq and other risk assets are selling off crypto won't trade spectacularly well." Developing story ...