Bitcoin Champion Michael Novogratz says he sees a “fast recession” coming to the economy.

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

He went on, “Housing is starting to roll over. Inventories have exploded. There are layoffs in multiple industries, and the Fed is stuck,” having to “hike [rates] until inflation rolls over.”

Right after the interview, the Fed delivered a 0.75% rate hike, raising the Fed’s benchmark funds rate to 1.5-1.75%, combined with a series of dour predictions for the economy going forward. There had not been a rate hike that big since November 1994.

Novogratz predicted in the interview there would be a 0.75% rate hike, that the market would initially rally on the news, and then there would be a sell off over the next few days.

So far, his predictions are looking spot on.

Image of Michael Novogratz courtesy of WIkipedia