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Mike Novogratz Urges Buying Bitcoin (BTC) After This Fact Comes to Light

Fri, 07/28/2023 - 08:49
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Gamza Khanzadaev
Billionaire supports buying BTC as shocking revelation surfaces
Mike Novogratz Urges Buying Bitcoin (BTC) After This Fact Comes to Light
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Renowned billionaire investor and investment expert Mike Novogratz has once again emphasized his bullish stance on Bitcoin (BTC) after a startling revelation about the United States' interest payments. In response to recent reports that the U.S. has reached an astonishing $970 billion in interest payments, with an increase of $41 billion in Q2, Novogratz took to Twitter with a resounding call.

Mike Novogratz Expects Bitcoin to Trade Higher by End of 2023

The staggering growth of interest payments in the U.S. economy has raised concerns among experts, who predict it could soon hit the $1 trillion mark. As tax receipts continue to lag behind the rapid expansion of sovereign debt, interest payments are increasingly being funded through the issuance of more debt, creating a troubling cycle.

Team Bitcoin

Novogratz, a well-known Bitcoin evangelist, has been vocal about his support for the cryptocurrency on multiple occasions. Earlier this month, he urged investors to buy BTC when the national debt of the United States surged by an alarming $1 trillion between June and July.

Despite his cautious outlook on the economy, Novogratz remains optimistic about Bitcoin's future. According to his analysis, BTC is poised for another wave of growth following a consolidation phase within the $28,000 to $32,000 range. However, he believes that for this anticipated surge to materialize, the Federal Reserve must make a significant policy shift by initiating interest rate reductions. Yet, recent events indicate that the central bank has different plans in mind.

Breaking: Bitcoin Remains Steady as Fed Raises Interest Rates to 22-Year High

It remains to be seen how the U.S. economy will handle the upcoming severe months of recession, and whether Bitcoin will fulfill Novogratz's predictions of growth and stability.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.