The CEO of Galaxy Digital believes that the US economy will face difficult times but remains optimistic about cryptocurrencies.

According to Michael Novogratz, founder and CEO of Galaxy Digital, the United States is on the verge of a credit crunch, making this the ideal time to buy gold, silver, and bitcoin.

In an interview with CNBC, Novogratz predicted that there would be a credit crunch both domestically and internationally. You should hold positions in gold, silver, and bitcoin, he said.

On March 15, Novogratz said on CNBC’s Squawk Box that since banks typically rebuild capital by lending less, a credit crunch is soon to come and that signs like the commodities market are already pointing to a recession.

This month, the U.S. banking sector experienced turmoil as Silvergate Bank, Signature Bank, and Silicon Valley Bank all failed in the same week. The outlook for the U.S. banking system was downgraded by Moody’s to “negative.”

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The Federal Reserve would “like to do a dovish hike, just for credibility’s sake,” according to Novogratz, but doing so would be a “huge policy error,” he said in an interview with CNBC.

Novogratz expressed optimism for cryptocurrency in addition to his forecast of challenging times for the US economy, saying:

“If there was ever a time to be in Bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that.”

After Silicon Valley Bank failed last week, the price of bitcoin dropped, but on March 14 it managed to hit new 2023 highs of $26,514.72, according to CoinMarketCap.