{"id":247129,"date":"2024-02-14T13:55:24","date_gmt":"2024-02-14T08:25:24","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=247129"},"modified":"2024-02-14T13:55:24","modified_gmt":"2024-02-14T08:25:24","slug":"mike-novogratz-says-he-can-think-of-34-trillion-reasons-to-believe-in-bitcoin-heres-what-he-means-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/mike-novogratz-says-he-can-think-of-34-trillion-reasons-to-believe-in-bitcoin-heres-what-he-means-crypto-news\/","title":{"rendered":"Mike Novogratz Says He Can Think of 34 Trillion Reasons To Believe in Bitcoin \u2013 Here\u2019s What He Means – Crypto News"},"content":{"rendered":"

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Billionaire Mike Novogratz says that wave after wave of US debt accumulation is giving him 34 trillion reasons to have unwavering confidence in the future of Bitcoin (BTC<\/a>).<\/p>\n

In a new post on the social media platform X, the Galaxy Digital CEO says<\/a> the US government is shelling out billions of dollars per day just to pay the interest on the country\u2019s burgeoning\u00a0$34.230 trillion debt<\/a>.<\/p>\n

\u201cI can think of 34 trillion reasons to believe in BTC\u2026 America is spending over $2 billion every day on interest payments alone. That\u2019s over $83 million EVERY HOUR!!\u201d\u00a0<\/em><\/p>\n

Many Bitcoin investors believe that BTC serves as a store-of-value asset and a hedge against fiat currency debasement. In April 2023, Novogratz said<\/a> that he did not want Bitcoin to hit $1 million \u201canytime soon\u201d as it would mean that instability in the US has set in.<\/p>\n

In an accompanying video<\/a>, Novogratz warns that some of the country\u2019s largest foreign lenders now have a reduced appetite to accumulate US debt via Treasuries. He also says the country may soon witness financial issues as the government continues to pile onto its balance sheet amid a high interest rate environment.<\/p>\n

\u201cTraditionally, because we\u2019re the reserve currency, everyone will lend you money\u2026 There\u2019s a lot of confidence in America \u2013 so the Chinese, the Middle East, the Russians.\u00a0<\/em><\/p>\n

But all of a sudden, we put sanctions on the Russians and the Russians [are] never going to lend money to the US again in the short run. The Chinese are worried about us, so they\u2019re buying less and less Treasuries. The Japanese still own a lot of our debt but foreigners want to buy less of our debt. The world is not nearly as unified around US leadership as it used to be.<\/em><\/p>\n

And as interest rates go higher, and this is really a problem, the debt payments go higher\u2026 It\u2019s like a credit card: you borrow $1,000 of credit card debt, and they charge you 21%\u2026 That\u2019s $200 a year. You can\u2019t pay that back and it just keeps growing, growing and growing.\u201d
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Bitcoin is trading for $49,559 at time of writing, a marginal decrease during the last 24 hours.
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