Crypto bull Mike Novogratz cautions the economy will fall and the Fed is climbing rates as an air pocket pops

System Digital CEO Mike Novogratz told MarketWatch the economy will implode.

We will go into a super quick downturn, and you can see that in a ton of ways, he cautioned.

The crypto bull likewise said the Federal Reserve is climbing financing costs as an air pocket pops.

The economy will fall, he told MarketWatch in front of the Fed's Wednesday rate climb, precisely anticipating its 75-premise point rate climb.

The Fed is stuck, the national bank should "climb [interest rates] until expansion turns over.