{"id":544849,"date":"2023-07-28T13:00:49","date_gmt":"2023-07-28T13:00:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=544849"},"modified":"2024-06-11T08:18:04","modified_gmt":"2024-06-11T08:18:04","slug":"why-this-billionaire-continues-to-advocate-for-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-this-billionaire-continues-to-advocate-for-bitcoin\/","title":{"rendered":"Why This Billionaire Continues To Advocate For Bitcoin Amid Surging US Debt?"},"content":{"rendered":"<p><span class=\"selectable-text copyable-text\">Bitcoin (BTC) has continued to occupy center stage, drawing varied reactions from different financial pundits. One of these voices is billionaire investor Mike Novogratz, who has yet again reiterated his support for the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/standard-chartered-raises-bitcoin-forecast\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">top cryptocurrency<\/a> despite the unsettling dynamics in the United States economy.<\/span><\/p>\n<h2><span class=\"selectable-text copyable-text\">The Growing Concern: Skyrocketing Interest Payments<\/span><\/h2>\n<p><span class=\"selectable-text copyable-text\">The US is currently experiencing an unprecedented increase in debts as its interest payments reach $970 billion. This figure represents a leap of $41 billion in the second quarter alone. Observers anticipate that the rising trajectory could soon see the country&#8217;s debts surge resulting in the interest payments hitting the $1 trillion milestone, which has set off alarm bells in financial circles.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-retreat-below-30000-a-threat-to-cryptos-2023-dominance-over-stocks\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Retreat Below $30,000: A Threat To Crypto\u2019s 2023 Dominance Over Stocks?<\/a><\/p>\n<p>To clarify, i<span class=\"selectable-text copyable-text\">nterest payments are the actual payments that the borrower makes to the lender, typically on a regular schedule, to repay the interest on a loan or debt. The amount of each payment is determined by the interest rate and the terms of the loan.<\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">As such, the sustained upsurge of interest payments in the US economy has triggered growing unease among financial experts. Tax receipts are currently failing to keep pace with the ballooning sovereign debt.<\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">Consequently, the issuance of more debt to fund interest payments is becoming an increasingly common occurrence. This scenario has created a vicious cycle, causing concern about the potential repercussions on the nation&#8217;s fiscal health.<\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">In light of this, Mike Novogratz has once again expressed his firm support for <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/dormant-bitcoin-supply-peaks-as-institutional-investors\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a>. His latest advocacy came to the forefront recently when he urged investors to buy Bitcoin as the US national debt spiked by $1 trillion between June and July.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"und\">Buy <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a>!!! <a href=\"https:\/\/t.co\/UyGNaGXzyI\" rel=\"nofollow\">https:\/\/t.co\/UyGNaGXzyI<\/a><\/p>\n<p>\u2014 Mike Novogratz (@novogratz) <a href=\"https:\/\/twitter.com\/novogratz\/status\/79790592?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 27, 2023<\/a><\/p><\/blockquote>\n<h2><span class=\"selectable-text copyable-text\">Novogratz&#8217;s Stance: Bitcoin As A Safe Haven<\/span><\/h2>\n<p><span class=\"selectable-text copyable-text\">Despite expressing caution regarding the broader economy, Novogratz holds a sanguine view of Bitcoin&#8217;s prospects. He <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/founder-anticipates-btc-price-surge-forecasts-bitcoin-etfs\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">envisions that the cryptocurrency is on the cusp of another growth cycle<\/a>, following a consolidation phase oscillating between the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-07-12\/novogratz-sees-bitcoin-rising-says-etfs-likely-to-be-approved#xj4y7vzkg\" target=\"_blank\" rel=\"noopener nofollow\">$28,000 to $32,000 range<\/a>. <\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">However, Novogratz maintains that a significant shift in policy by the Federal Reserve, specifically a reduction in interest rates, is key for this expected surge to come to fruition.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/founder-anticipates-btc-price-surge-forecasts-bitcoin-etfs\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Galaxy Digital Founder Anticipates BTC Price Surge Due To This Reason<\/a><\/div>\n<p>Meanwhile,<span class=\"selectable-text copyable-text\">\u00a0recent indicators suggest that the central bank may have <a href=\"https:\/\/www.cbc.ca\/news\/business\/federal-reserve-rate-decision-1.6918654\" target=\"_blank\" rel=\"noopener nofollow\">different intentions<\/a>. The Federal Reserve&#8217;s current stance seems to diverge from the conditions that Novogratz believes are necessary for a Bitcoin rally. Despite this, the experienced investor continues to champion Bitcoin, viewing it as a potential safe haven amid economic uncertainties.<\/span><\/p>\n<p>In the meantime, Bitcoin&#8217;s <span class=\"selectable-text copyable-text\">valuation is still persistently working to rise above the recent downward trend. The digital asset experienced a slight dip of 1% in the last day and now has a <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-realized-cap-nears-400b-price-reclaims\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">market cap<\/a> of $567.5 billion. <\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">BTC&#8217;s market price currently stands at $29,309, at the time of writing. This price action follows the asset&#8217;s unsuccessful endeavor to reclaim the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-retreat-below-30000-a-threat-to-cryptos-2023-dominance-over-stocks\/\" target=\"_blank\" rel=\"noopener \">$30,000 mark<\/a> earlier this week.\u00a0<\/span><\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/lPaxSGRt\/\" alt=\"Bitcoin price chart on TradingView.com\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">Bitcoin (BTC)\u2019s price is moving sideways on the 4-hour chart. Source: BTC\/USD on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has continued to occupy center stage, drawing varied reactions from different financial pundits. One of these voices is billionaire investor Mike Novogratz, who has yet again reiterated his support for the top cryptocurrency despite the unsettling dynamics in the United States economy. The Growing Concern: Skyrocketing Interest Payments The US is currently experiencing an unprecedented increase in debts as its interest payments reach $970 billion. This figure represents a leap of $41 billion in the second quarter alone. Observers anticipate that the rising trajectory could soon see the country&#8217;s debts surge resulting in the interest payments hitting the $1 trillion milestone, which has set off alarm bells in financial circles. Related Reading: Bitcoin Retreat Below $30,000: A Threat To Crypto\u2019s 2023 Dominance Over Stocks? To clarify, interest payments are the actual payments that the borrower makes to the lender, typically on a regular schedule, to repay the interest on a loan or debt. The amount of each payment is determined by the interest rate and the terms of the loan. As such, the sustained upsurge of interest payments in the US economy has triggered growing unease among financial experts. Tax receipts are currently failing to keep pace with the ballooning sovereign debt. Consequently, the issuance of more debt to fund interest payments is becoming an increasingly common occurrence. This scenario has created a vicious cycle, causing concern about the potential repercussions on the nation&#8217;s fiscal health. In light of this, Mike Novogratz has once again expressed his firm support for Bitcoin. His latest advocacy came to the forefront recently when he urged investors to buy Bitcoin as the US national debt spiked by $1 trillion between June and July. Buy $BTC!!! https:\/\/t.co\/UyGNaGXzyI \u2014 Mike Novogratz (@novogratz) July 27, 2023 Novogratz&#8217;s Stance: Bitcoin As A Safe Haven Despite expressing caution regarding the broader economy, Novogratz holds a sanguine view of Bitcoin&#8217;s prospects. He envisions that the cryptocurrency is on the cusp of another growth cycle, following a consolidation phase oscillating between the $28,000 to $32,000 range. However, Novogratz maintains that a significant shift in policy by the Federal Reserve, specifically a reduction in interest rates, is key for this expected surge to come to fruition. Related Reading: Galaxy Digital Founder Anticipates BTC Price Surge Due To This Reason Meanwhile,\u00a0recent indicators suggest that the central bank may have different intentions. The Federal Reserve&#8217;s current stance seems to diverge from the conditions that Novogratz believes are necessary for a Bitcoin rally. Despite this, the experienced investor continues to champion Bitcoin, viewing it as a potential safe haven amid economic uncertainties. In the meantime, Bitcoin&#8217;s valuation is still persistently working to rise above the recent downward trend. The digital asset experienced a slight dip of 1% in the last day and now has a market cap of $567.5 billion. BTC&#8217;s market price currently stands at $29,309, at the time of writing. This price action follows the asset&#8217;s unsuccessful endeavor to reclaim the $30,000 mark earlier this week.\u00a0 Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,6664,51393],"class_list":["post-544849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto","tag-us-debt"],"acf":[],"yoast_head":"\n<title>Why This Billionaire Continues To Advocate For Bitcoin Amid Surging US Debt<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has continued to occupy center stage, drawing varied reactions from different financial pundits. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why This Billionaire Continues To Advocate For Bitcoin Amid Surging US Debt?","url":"http:\/\/uniquehot.com\/news\/why-this-billionaire-continues-to-advocate-for-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/why-this-billionaire-continues-to-advocate-for-bitcoin\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","crypto","us debt"],"dateCreated":"2023-07-28T13:00:49Z","datePublished":"2023-07-28T13:00:49Z","dateModified":"2024-06-11T08:18:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why This Billionaire Continues To Advocate For Bitcoin Amid Surging US Debt?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-this-billionaire-continues-to-advocate-for-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-this-billionaire-continues-to-advocate-for-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"crypto\",\"us debt\"],\"dateCreated\":\"2023-07-28T13:00:49Z\",\"datePublished\":\"2023-07-28T13:00:49Z\",\"dateModified\":\"2024-06-11T08:18:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/544849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=544849"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/544849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/538164"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=544849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=544849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=544849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}