Bitcoin Bull Mike Novogratz warns of 'existential crisis' if US can't create a digital dollar

Galaxy Digital and Bitcoin Bull CEO Mike Novogratz warned that the failure of the United States to have its own digital currency could be an "existential crisis". However, the CEO says the country's fate is still in his hands. Novogratz commented days after former US Secretary of State Mike Pompeo said the US would not have a digital dollar anytime soon. Financial System Disruptions Nevertheless, Novogratz tells an interviewer that US success on this front will depend on how it manages fiscal and monetary policy. He said: If our fiscal and monetary policy is to look like a banana republic … you will have a Minsky moment where trust collapses. According to the report, a Minsky moment adopted by the late Hyman Minsky "shows that an era of deterioration in the financial system has come to an end very badly." The United States has pumped billions of dollars into its economy, and reports show more spending is planned. However, some investors now worry that these large spending will drive inflation in the country. Bitcoin is not a Chinese financial weapon Meanwhile, Novogratz also backed down against Peter Thiel's recent claims that bitcoin was used by China as a financial weapon. According to Novogratz, "There is no evidence that the Chinese government bought Bitcoin." In addition, the CEO dismisses Thiel as someone who "likes to say provocative things." As reported by News, Thiel argued in a recent seminar that China is using bitcoin's reserve currency status to weaken the US. "Compete with the United States and other large developed economies". What do you think of the digital Bitcoin bull and billionaire Mike Novogratz? Read more

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