In response to a bold statement about Bitcoin (BTC) and de-dollarization from 76-year-old American politician Hilary Clinton, Galaxy Digital CEO Mike Novogratz has dragged in the impact of the politicians on the valuation and relevance of the US Dollar.
Shifting Blames to Bitcoin on De-Dollarization
Clinton, the Former United States Secretary of State stated in the Bloomberg New Economy Forum that Bitcoin has the potential to undermine the Dollar as a reserve currency. By this statement, the politician was talking about the potential consequences of digital currencies on de-dollarization.
The concept of de-dollarization involves several entities trying to reduce their dependence on the United States dollar in international trade and finance. To achieve this, these countries turn to alternative currencies or assets, a move that is currently being propagated by the BRICS Group. In this case, Clinton is trying to turn the table on Bitcoin, citing that it is now the main driver in the de-dollarization agenda.
Meanwhile, Galaxy Digital CEO Novogratz disagreed that Bitcoin is at fault in this case. Novogratz believes that the only thing that can undermine the USD is reckless spending from Republicans and Democrats.
The only thing that can undermine the $ as a reserve currency is reckless spending by BOTH parties. Trump and Biden have normalized huge deficits and have put us into the worst fiscal crisis of my lifetime. Don’t blame $BTC. It is a report card on fiscal responsibility. https://t.co/YoNmVctI7D
— Mike Novogratz (@novogratz) February 10, 2024
He went on to say that the former US President Trump and incumbent Joe Biden have normalized huge deficits adding that they have put Americans into the worst fiscal crisis of all time.
“Don’t blame $BTC. It is a report card on fiscal responsibility,” the Galaxy Digital CEO declared.
Mike Novogratz Gains Community Support
The members of Crypto X agree with Novogratz on his stance on fiscal management and how Bitcoin comes into the mix.
One individual identified as cryptospringo noted that Clinton’s sentiment is a lack of accountability from both parties. Rather than focus on blaming Bitcoin for the de-dollarization, one X user opined that it is pertinent to make better decisions to secure the nation’s financial stability.
This is not the first time Novogratz has countered strong opinions about Bitcoin. While on CNBC’s Squawk Box sometime in December, he responded to Jamie Dimon’s slander of Bitcoin, calling it an “epitome of hypocrisy.” He explained that Dimon has consistently remained wrong in his sentiments.
Currently, Mike Novogratz’ company Galaxy Digital has an active spot Bitcoin ETF product it launched in partnership with Invesco. This new asset class creates a pathway for investors to escape the dwindling valuation of the Dollar, taking an approach that firms like MicroStrategy have normalized since August 2020.
