In brief

▪ Michael Novogratz says that massive quantitative easing, combined with Bitcoin’s imminent halving present an opportunity for it to shine.

▪ He offers anecdotal evidence that people are increasingly looking for scarcity.

▪ Other analysts warn that the combined effects may take a while to filter down.

The prospect of money “growing on trees,” due to massive fiscal stimulus efforts, combined with an imminent halving presents a compelling case for Bitcoin (BTC) and one that its advocates are becoming increasingly excited by.

One of them is Michael Novogratz, a former hedge-fund manager and founder of crypto-focused merchant bank Galaxy Digital. During a CNBC interview on Tuesday, when yet more stimulus measures were announced, he doubled down on the case for Bitcoin:

“Bitcoin has this moment right now,” he said. “Just today we had another trillion dollar stimulus—money growing on trees, and my mother taught me when I was younger, ‘money doesn’t grow on trees

Novogratz, a Wall Street legend, said that as fiscal stimulus continues, he’s seeing more and more people getting interested in cryptocurrencies, “to find something with scarcity.”