34 Trillion Reasons to Believe in Bitcoin
Mike Novogratz, CEO of Galaxy Digital, has expressed his unwavering confidence in the future of Bitcoin (BTC), citing the growing US debt as a key reason for his optimism.
Novogratz points out that the US government is currently paying billions of dollars per day just to pay the interest on its $34.230 trillion debt. He believes that this unsustainable level of debt will eventually lead to a loss of confidence in the US dollar, making Bitcoin a more attractive investment.
Bitcoin as a Store of Value and Hedge Against Inflation
Many Bitcoin investors see the cryptocurrency as a store of value and a hedge against inflation. They believe that Bitcoin’s limited supply and decentralized nature make it a more reliable investment than fiat currencies, which are subject to manipulation by central banks.
Novogratz’s Concerns About the US Economy
Novogratz also expressed concerns about the US economy, noting that some of the country’s largest foreign lenders are now less willing to buy US debt. He believes that this could lead to financial issues for the US government, especially as interest rates continue to rise.
Bitcoin’s Price Performance
At the time of writing, Bitcoin is trading at $49,559, a marginal decrease during the last 24 hours. However, Novogratz remains bullish on Bitcoin’s long-term prospects, believing that it will continue to gain value as more investors recognize its potential as a store of value and a hedge against inflation.
