Mike Novogratz, CEO of Galaxy Digital, believes that the soaring US debt will accelerate the adoption of Bitcoin (BTC).
Debt-Driven Bitcoin Demand
Novogratz argues that investors are increasingly recognizing the value of Bitcoin as a hedge against the US dollar’s potential devaluation due to mounting debt.
“Our government is adding a trillion dollars of debt every 100 days,” he said. “This makes it easier for financial advisors to recommend Bitcoin to their clients.”
ETFs Fuel Adoption
Novogratz credits the recent Bitcoin exchange-traded funds (ETFs) for simplifying access to the cryptocurrency, contributing to its recent rally.
Price Consolidation Ahead
Despite the recent surge, Novogratz predicts a period of price consolidation between $75,000 and $58,000 as adoption continues globally.
“This is just the beginning,” he said. “Bitcoin adoption will continue to increase, leading to a breakout in the future.”
