Galaxy Digital CEO: 'The Future of Bitcoin is Assured'

Galaxy Digital CEO: 'The Future of Bitcoin is Assured'

Mike Novogratz, CEO of crypto-focused financial services firm Galaxy Digital, told CNBC that "the future of Bitcoin is assured until the US government stops spending like a drunken sailor." "This isn't just about the Biden administration," Novogratz added. "Former President Donald Trump was increasing government spending just as much as Joe Biden. In terms of adding to the debt, these are the two worst presidents in American history." Novogratz's comments come as the US government is facing increasing pressure to reduce its spending. The national debt has now surpassed $30 trillion, and the Congressional Budget Office has projected that it will continue to grow in the coming years. Some economists have warned that the US government's spending spree could eventually lead to a financial crisis. However, Novogratz believes that the government will be able to avoid this fate. "The US government has always been able to pay its debts," he said. "I believe that it will continue to be able to do so in the future." Novogratz's comments are likely to be met with skepticism by some investors. However, they underscore the growing belief among crypto enthusiasts that Bitcoin is a safe haven asset that can protect investors from the risks of inflation and financial instability.