Billionaire Mike Novogratz Believes in Bitcoin Due to US Debt Accumulation
Billionaire investor Mike Novogratz is confident in the future of Bitcoin (BTC) due to the increasing accumulation of US debt. Novogratz highlights that the US government is currently spending billions of dollars daily just to pay off the interest on its $34.230 trillion debt.
Novogratz asserts that this massive debt accumulation gives him 34 trillion reasons to believe in BTC. He argues that the US’s high interest rate environment and the reduced appetite of foreign lenders to accumulate US debt could lead to financial issues in the near future.
Many Bitcoin investors view BTC as a store-of-value asset and a hedge against fiat currency debasement. Novogratz previously stated that he did not want Bitcoin to reach $1 million too soon, as it would indicate instability within the US.
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