Hilary Clinton Fears Bitcoin Will Undermine the Dollar – Mike Novogratz Disagrees
In a recent forum, Hilary Clinton, a seasoned American politician, raised concerns about Bitcoin's potential impact on the US Dollar's status as a global reserve currency.
She suggested that the rise of digital currencies like Bitcoin could contribute to de-dollarization, a phenomenon where countries seek alternatives to the US dollar in international transactions.
Mike Novogratz, CEO of Galaxy Digital, pushed back against Clinton’s assertion, arguing that the responsibility for any weakening of the US Dollar lies with the fiscal policies of both Republican and Democratic administrations. Novogratz pointed to large deficits and fiscal mismanagement as key factors undermining the Dollar’s strength.
The only thing that can undermine the $ as a reserve currency is reckless spending by BOTH parties. Trump and Biden have normalized huge deficits and have put us into the worst fiscal crisis of my lifetime. Don’t blame $BTC. It is a report card on fiscal responsibility. https://t.co/YoNmVctI7D
— Mike Novogratz (@novogratz) February 10, 2024
Members of the Crypto X community supported Novogratz’s perspective, emphasizing the need for accountable fiscal management rather than blaming Bitcoin for broader economic trends.
This isn’t the first time Novogratz has challenged conventional wisdom about Bitcoin. He previously criticized Jamie Dimon’s negative comments about the cryptocurrency, highlighting what he sees as a consistent misjudgment of Bitcoin’s potential.
Galaxy Digital, under Novogratz’s leadership, has introduced a new Bitcoin ETF product in partnership with Invesco, providing investors with a hedge against the Dollar’s declining value.