The founder and CEO of Galaxy Digital is predicting that the US’s ballooning debt will quicken the adoption of Bitcoin (BTC).
In a new Bloomberg interview, Mike Novogratz says that more investors are understanding the wisdom of having exposure to Bitcoin in the face of the US’s mounting debt, which threatens to debase the US dollar.
“Each 100 days our government’s adding a trillion dollars of debt. We’re at $34 trillion. We will be at $35 trillion and then $40 trillion. That story is so powerful. It makes it easy for salespeople, for registered investment advisors, to tell their clients put a couple percent of your net worth in Bitcoin. And you’re seeing that happen. This is a process that’s going to go for years, not for months….
When you print as many dollars as we’re printing… the purchasing power of the underlying currency goes down…
The long-term history of governments is that they debase their currencies, and we’re in that process.”
He also says the new Bitcoin exchange-traded funds (ETFs) have made adoption easier and contributed to the massive rally in the past few months. He now predicts a period of Bitcoin price consolidation before a breakout as adoption continues to increase around the globe.
“This is just starting. What will happen to prices? Prices are going to consolidate for a while between $75,000 and maybe $62,000 or even $58,000. You can see a consolidation.”
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