Galaxy Digital CEO: What really weakens the dollar is huge government spending

Author: Godfrey Benjamin, Cointelegraph; Compiler: Deng Tong, Golden Finance

Abstract:

• Hillary Clinton believes Bitcoin poses a threat to the U.S. dollar as a reserve currency;

• Mike Novogratz Novogratz) reveals the real threat;

• Bitcoin’s popularity continues to grow after spot Bitcoin ETF approval.

In response to 76-year-old American politician Hillary Clinton’s bold statements about Bitcoin (BTC) and de-dollarization, Galaxy Digital CEO Mike Novogra Mike Novogratz included the impact of politicians on U.S. dollar valuations and correlations.

Blame Bitcoin for de-dollarization

Former US Secretary of State Clinton at the Bloomberg New Economic Forum Bitcoin has the potential to undermine the U.S. dollar’s ​​status as a reserve currency, he said. With this statement, the politician is talking about the potential consequences of digital currencies for de-dollarization.

The concept of de-dollarization involves multiple entities trying to reduce their reliance on the U.S. dollar in international trade and finance. To achieve this, these countries turn to alternative currencies or assets, a move currently being promoted by the BRICS grouping. In this case, Clinton tried to turn the tables on Bitcoin, saying that it is now the main driver of the de-dollarization agenda.

Meanwhile, Galaxy Digital CEO Novogratz disagrees that Bitcoin plays a major role in this. Novogratz believes theonly thing that can weaken the dollar is reckless spending by Republicans and Democrats.

He went on to say that former US President Trump and current President Joe Biden have normalizedthe huge deficit, adding that they have plunged the United States into its worst ever situation. Serious financial crisis.

“Don’t blame BTC. This is a report card on fiscal responsibility,” declares Galaxy Digital CEO.

Mike Novogratz receives community support

Members of Crypto How does Bitcoin get involved?

Rather than blaming Bitcoin for de-dollarization, one X user argued that the U.S. government should make better decisions to ensure the country’s financial stability.

This is not the first time Novogratz has refuted strong opinions about Bitcoin. Sometime in December, he responded to Jamie Dimon’s denigration of Bitcoin during an appearance on CNBC’s Squawk Box, calling it “the epitome of hypocrisy.” Dimon was always wrong, he explained.

Currently, Mike Novogratz’s company Galaxy Digital has launched an active spot Bitcoin ETF product in partnership with Invesco. This new asset class creates a path for investors to escape declining dollar valuations, adopting an approach that companies like MicroStrategy have standardized since August 2020.