© Reuters.
During a discussion at Investor Day in New York on Friday, Mike Novogratz, CEO of Galaxy Digital, expressed his belief that the value of Bitcoin is set to grow further.
Novogratz highlighted concerns about excessive spending and borrowing by the US government, suggesting that Bitcoin could benefit from the country’s lack of fiscal restraints.
“What is the bigger economic picture for Bitcoin?”. Novogratz asked. “It’s quite simple. The government is unable to restrain itself from excessive spending. This problem, which began in the early 2000s, turned into a major problem under the presidencies of Donald Trump and Joe Biden. They are remembered as the presidents who undermined our financial stability.”
With a national debt exceeding $34 trillion and government spending equal to 25% of gross domestic product, Novogratz argues that digital currency serves as a protective asset against potential inflation and debt devaluation.
His outlook is consistent with growing investor interest in Bitcoin as a protective investment amid financial uncertainty.
Novogratz, who has been a strong supporter of Bitcoin since its inception, also noted the significant increase in government spending during the Trump and Biden administrations, underscoring the acceptance of continued budget deficits.
“The value of Bitcoin will continue to rise until we see a government, whether Democratic or Republican, that decides to say ‘enough,’” Novogratz said.
Bitcoin’s value has fallen by 3% in the past 24 hours and was trading just above the $63,500 level at the time of writing.
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