Famous billionaire Mike Novogratz has urged investors to buy Bitcoin (BTC) after a shocking announcement regarding the rising US national debt. Aforementioned explanationcame from chief market strategist Charlie Bilello. Bilello reported that the national debt has increased by a staggering $1 trillion since the debt ceiling was suspended last month.
Novogratz, a prominent figure in the crypto community, expressed his concern over the alarming rise in debt, calling it “frantic”. In a statement on his social media account, Novogratz argued that the increasing debt of the USA threatens the economic stability and that this may further increase the value of cryptocurrencies such as Bitcoin.
According to figures from Bilello, the US national debt exceeds $32.47 trillion as of the first week of July. This huge amount exceeds the borrowing ceiling ($31.4 trillion), suspended by a law signed in June. The legislation in question temporarily eliminated the debt ceiling by January 1, 2025, while also mandating a $1.5 trillion reduction in the US budget deficit over the next decade.
The significant increase in the national debt can be considered by Novogratz as a potential catalyst for the increase in the money supply. In such a scenario, BTC prices may rise, according to the famous billionaire. Novogratz highlights the limited supply and decentralized nature of Bitcoin, emphasizing that Bitcoin is an important alternative for investors at a time when confidence in traditional currencies is declining.
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