Galaxy Digital CEO Predicts Bitcoin Adoption Acceleration Amidst US Debt Surge
In a recent Bloomberg interview, Mike Novogratz, founder and CEO of Galaxy Digital, suggests that the ballooning US national debt will expedite the adoption of Bitcoin (BTC).
Novogratz emphasizes the growing recognition among investors of the importance of Bitcoin exposure in light of the mounting US debt, which poses a threat to the stability of the US dollar.
Novogratz points out that with the government adding a trillion dollars of debt every 100 days, and the total reaching $34 trillion, the narrative is compelling. It’s becoming easier for sales professionals and investment advisors to advise clients to allocate a portion of their wealth to Bitcoin. This trend will persist for years.
He highlights the inevitable decline in purchasing power resulting from excessive money printing, asserting that governments historically debase their currencies, a trend currently unfolding.
READ MORE: Institutional Investments in Bitcoin Expected to Surpass $1 Trillion
Novogratz also credits the recent introduction of Bitcoin exchange-traded funds (ETFs) for streamlining adoption and contributing to the significant price surge in recent months. He anticipates a period of consolidation in Bitcoin’s price before a breakout, driven by sustained global adoption.
According to Novogratz, this is just the beginning. Price consolidation is likely in the range of $75,000 to $62,000, or even $58,000, before witnessing further growth.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
