Billionaire Mike Novogratz suggested people buy Bitcoin amid the surging debt pressure on the US economy.
Post-COVID-19 pandemic, the economic situation of almost every country saw significant pressure. In particular, the bad financial policies of the US Federal Reserve (Fed) brought a very bad situation for the US economy. Over the past couple of years, the debt pressure on America has been continuously increasing, which is showing that the financial situation is not good for American companies.
Total Public Debt Outstanding is a scale that represents the total amount of debt the U.S. federal government owes to creditors – both external and internal. Increasing high debt pressure is also a sign that the value of each dollar is plunging sharply.
Over the last 7 days, the US economy saw a $1 increment in debt pressure (from $31.47 Trillion to $32.47 trillion).
Popular American Billionaire Mike Novogratz responded to this insane data and suggested people buy Bitcoin.
Since the beginning of this year, people are looking at the weak economic position of the US and considering Bitcoin & Ethereum as better investment assets against inflation.
In January of this year, Bitcoin was trading at nearly $16k to $18k trade price but now the current trade price is $30k. That means Bitcoin price surged by nearly 90% this year and if the economic situation will not change then Bitcoin will grab a huge investment & huge increment in its trade price.
It is worth it to note that the situation for the crypto sector is not good to evolve in the US, as the country’s dominant financial regulator the Securities Exchange Commission (SEC) hits the top several crypto firms with lawsuit actions. So here we can assume that if the situation for crypto companies will become normal to grow then Bitcoin will show more big rallies.
Read also: Crypto’s NFTs sector starts collapsing