- Novogratz sees Bitcoin as a hedge against economic instability.
- Novogratz criticized US tax policies and the government’s digital currency approach.
2024 has proven to be a banner year for Bitcoin (BTC), with prices surging ahead of the halving. On the contrary, historical patterns point to an upward move for the cryptocurrency after the halving.
On March 29, Galaxy Digital CEO Mike Novogratzel spoke at Bitcoin Investor Day in New York about the dire state of the United States (US) debt deficit and its impact on Bitcoin.
Commenting on the same, Novogratz said:
“If you take the predictions of congressional budget officials, the debt will be 250% of GDP in 25 years. That’s a recipe for housing prices to rise, Bitcoin to rise, gold to rise, and silver to rise.”
Factors Affecting the Rise of Bitcoin
Addressing the same issue, he suggested deep cuts in government spending and higher taxes on the rich to stem the rising US debt deficit.
With the national debt at more than $34 trillion and rising rapidly, Featured Novogratz The importance of investing in assets like Bitcoin to protect against increasing debt burden.
“In places with poor economic management, Bitcoin should be a human right.”
Novogratz also linked the United States’ financial challenges to the appeal of Bitcoin as an investment. Pointing to Bitcoin’s limited supply of 21 million units in the face of dollar inflation, he said:
“Bitcoin is a macro asset.”
he adds,
“I would prefer Bitcoin to grow slowly rather than reach a million overnight because that would make us all rich and we would lose civil society.”
Can the US fiscal deficit be fixed?
Furthermore, he also mocked the two US presidents, Donald Trump and Joe Biden, for their stance on increasing fiscal deficit and central bank digital currency (CBDC), saying:
“It’s crazy that our government hasn’t promoted a dollar-based stablecoin.”
In conclusion, with the Bitcoin price reaching $69,867.14 and experiencing a slight decline of 0.735 in the last 24 hours after touching the $70,000 mark, the importance of its halving event and its limited supply.
Ultimately, Mike Novogratz’s thoughts highlight the importance of considering these characteristics, especially in light of the fiscal challenges facing the United States.
This is an automatic translation of our English version.