Following a startling revelation about the rising U.S. national debt, renowned millionaire, trader, and outspoken pro-crypto advocate Mike Novogratz has made a passionate call to action, pushing investors to think about buying Bitcoin (BTC). The declaration followed Charlie Bilello’s disclosure that the national debt has increased by a startling $1 trillion since the suspension of the debt ceiling just last month, according to the senior market strategist.
The well-known crypto figure Novogratz voiced his shock at the worrisome rise in debt, calling it “insane.” He urged his followers to investigate the possibilities of BTC as a hedge against the declining value of the US dollar, which has been primarily linked to the government’s expanding monetary policies, in response.
The national debt of the United States is presently at an astounding $32.47 trillion as of the first week of July, according to data given by Bilello. This outrageous number exceeds the $31.4 trillion borrowing cap, which was abolished by a bill passed in early June. The Act mandated a $1.5 trillion decrease in the U.S. budget deficit over the following ten years while also temporarily eliminating the debt ceiling until January 1, 2025.
Novogratz seems to have two main motivations for making the recommendation to buy Bitcoin. Although the billionaire views cryptocurrencies as the result of the government’s inflationary monetary policies, Novogratz may view the dramatic growth in the national debt as a potential trigger for an expansion of the money supply, which he believes might eventually drive BTC prices higher.
