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Wall Street Investor With NJ Tie Predicts Economic Downfall

Mike Novogratz
Mike Novogratz Photo Credit: Instagram/@mikenovo

A Virginia-raised investor with a tie to New Jersey is going viral for his recent prediction on the status of the economy.

“The economy is going to collapse,” Novogratz said in a Wednesday, June 15 interview with MarketWatch. “We are going to go into a really fast recession, and you can see that in lots of ways.”

The Princeton University graduate's remarks came shortly before the Federal Reserve raised rates by 0.75 percent in an attempt to reduce inflation without going into a recession.

Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, cited layoffs in several industries as one of the reasons for the biggest surge since 1994, Fortune reports. 

Despite this decision, economists predict a recession in 2023, reports say.

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