'We have a global money-printing orgy going on' so you should buy hard assets like gold, says former hedge fund manager

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Michael Novogratz, President of Fortress Investment Group, speaks at the annual Skybridge Alternatives Conference (SALT) in Las Vegas

• Michael Novogratz, former head of Fortress Investment Group and founder of cryptocurrency bank Galaxy Digital, said on Tuesday that there's a "global money-printing orgy going on" and people should buy assets like gold and bitcoin to protect against possible currency devaluation.
• Speaking on CNBC's Squawk Box, Novogratz said that as leaders like Nancy Pelosi talk about another stimulus, "money is growing on trees right now."
• "At one point that comes home to roost," he said, adding that he did buy some stocks, like Starbucks.
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There's a "global money-printing orgy going on," according to Michael Novogratz, who formerly led hedge fund Fortress Investment Group.

As government leaders like Speaker of the House Nancy Pelosi push another stimulus bill to follow last month's $2 trillion package, "money is growing on trees right now," he said, speaking Tuesday on CNBC's Squawk Box.

The United States is preparing to send $1,200 checks to some Americans, and on Tuesday Japan said it would plan a $1 trillion stimulus to combat the economic fallout from the coronavirus.

Novogratz said that "at one point that comes home to roost," speaking to the potential impact of the stimulus packages around the world.

He said that he is buying "hard assets" like gold, and also bitcoin. Novogratz founded cryptocurrency bank Galaxy Digital.

He added that he did buy some stock in Starbucks, as he assumes people will still buy coffee as the global economy recovers from the virus.

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"Money is growing on trees right now. I learned when I was a little kid that money really doesn't grow on trees. We have a global, money-printing orgy going on … at one point that comes home to roost," says @novogratz on why he is buying hard assets like gold, #btc #bitcoin pic.twitter.com/TvWiQdntmt

- Squawk Box (@SquawkCNBC) April 7, 2020