Summary
- Michael Novogratz said he remains bullish on Bitcoin (BTC), citing the US government's fiscal deficits and rising debt.
- He said the US fiscal situation is increasingly concerning and that pressure from the bond market will eventually force the government to restore fiscal discipline.
- He added that he remains optimistic about Bitcoin despite weak momentum in the crypto market this year because the government's addiction to spending remains unresolved.
Forecast Trend Report by Period
Galaxy Digital Chief Executive Officer Michael Novogratz said he remains bullish on Bitcoin, citing persistent US fiscal deficits and rising government debt.
U.Today reported on August 13 that Novogratz wrote on X that the US fiscal situation is becoming increasingly worrisome. At some point, pressure from the bond market will force the government to restore fiscal discipline, he wrote.
Novogratz said inflation across multiple sectors over the past decade has been directly correlated with the sharp increase in debt. Incumbents in both parties will feel the effects in the midterm elections, he added.
He also said he remains optimistic about Bitcoin despite sluggish momentum in the crypto market this year because the government has failed to break what he described as an addiction to spending.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.