Advertisement
AD

Main navigation

Mike Novogratz: "I Still Love Cryptocurrency"

Advertisement
Mon, 14/09/2020 - 14:42
Mike Novogratz: "I Still Love Cryptocurrency"
Cover image via www.facebook.com
Read U.TODAY on
Google News
Contents
Advertisement

During his latest appearance on CNBC's "Squawk Box," Galaxy Digital CEO Mike Novogratz voiced his bullish Bitcoin sentiment, stating that he still loves cryptocurrencies as a hard asset despite a recent pause in the market rally.

The former hedge fund manager also says that he has a "big gold position" while offering a bearish outlook on the U.S. dollar due to the surging U.S. budget deficit:

I don't see our deficits miraculously collapsing.

The U.S. deficit reaches $3 tln

The United States Department of the Treasury announced that the country's deficit surpassed $3 tln for the first time in history last Friday. It is predicted to hit $3.3 tln by the end of this budget year.

The government was forced to aggressively ramp up spending in order to stimulate the economy amid another recession.

The last time the U.S. recorded a budget surplus—when the government's tax revenue exceeds its spending—was in distant 2000.

In fact, there have only been five years in which the government logged budget surpluses since 1969.

Budget surpluses
Image by businessinsider.com

Related
These Companies Are Bitcoin’s Biggest Competitors, According to Mike Novogratz

Bitcoin's archrival

As reported by U.Today, Altana Digital Currency Fund CIO Alistair Milne said that the biggest threat any government could pose to Bitcoin is to choose to run a budget surplus, thus undermining one of the main value propositions of the world's biggest cryptocurrency.

When, in Novogratz's words, money starts growing on trees, investors of the likes of Paul Tudor Jones start turning to the scarce cryptocurrency to hedge against inflation.

Bitcoin's rally in August was partially attributed to the weakening U.S. Dollar Index (DXY), while the most recent pause also coincided with the greenback's temporary revival.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
RHUNA Launches to Revolutionize the Events and Entertainment Industry with Fintech Innovation
Our social media
There's a lot to see there, too

Popular articles