US Debt Skyrockets, Will Bitcoin Prices Get More Expensive?

Liputan6.com, Jakarta – CEO of Galaxy Digital, Mike Novogratz, in a post on the social media platform X warned of an increase in the United States' national debt. rising US national debt. He also outlined a series of proposals aimed at addressing these fiscal challenges.

“What no one wants to hear is that we need to drastically cut government spending,” wrote Novogratz, quoted from News.bitcoin, Tuesday (2/4/2024).

Apart from that, he also urged a tax increase for some rich people.

“If we do all this, we 'might' have a chance of not experiencing a debt death spiral. Currently the amount (US debt) is USD 34 trillion. (This means increasing) USD 1 trillion every 100 days. 35, 36, 37,” he explained.

In this situation, according to him, it can convince an individual to buy Bitcoin (BTC) and other crypto assets.

It is known that Novogratz is a strong bitcoin supporter. He recently predicted that the value of bitcoin will reach USD 100,000 this year and the crypto asset will not fall below USD 55,000.

He noted that there is currently “unbridled momentum” in bitcoin exchange-traded funds (ETFs) and “tremendous global demand for bitcoin.”

As warnings about the US debt crisis mount, some investors are exploring bitcoin as a potential hedge.