Galaxy Digital CEO Advises Investors to Buy Bitcoin as U.S. Federal Interest Payments Soar

Odaily Planet Daily News Cryptocurrency investor and Galaxy Digital CEO Mike Novogratz recently suggested on Twitter that people "buy Bitcoin" in response to the US government's rapidly growing interest payments on its sovereign debt. To some analysts, the trend suggests the Fed will be forced to cut its benchmark interest rate again if the federal government can no longer keep pace. The U.S. government is now paying $970 billion a year in interest, up $41 billion from the second quarter, according to market analyst Joe Consorti. That's the highest interest expense ever, and it's not going to hit $600 billion a year until the first quarter of 2022. Consorti expects interest costs to hit $1 trillion soon. That's more than 20 percent of the U.S. government's $4.7 trillion in federal tax revenue, according to the US Debt Clock. (Crypto Potato)