Novogratz Sticks by Bitcoin Despite US Fiscal Woes
Galaxy Digital's CEO Michael Novogratz remains optimistic about Bitcoin despite weak momentum in the digital-asset market this year. He attributes his bullishness to the US government's persistent fiscal deficit and rising debt.
In a recent post on X, formerly Twitter, Novogratz expressed concern over the US fiscal situation, stating that 'the US fiscal situation is becoming increasingly worrisome.'
He believes that pressure from the bond market will eventually force the government to restore fiscal discipline. According to Novogratz, inflation across multiple sectors has been directly correlated with the massive increase in debt.
The consequences of this addiction to spending will be felt by incumbents in both parties before the midterm elections, he warned.