Mike Novogratz, founder and CEO of Galaxy Digital, said the U.S. government’s persistent fiscal deficits keep him bullish on Bitcoin. In July, the federal government collected $334 billion while spending $766 billion, resulting in a $432 billion deficit for the month alone. The Congressional Budget Office projected that the federal budget deficit would reach $1.9 trillion in fiscal 2026 and that public debt would rise to 120% of GDP by 2036. Novogratz believes the bond market will eventually force fiscal discipline and that the government’s inability to control its spending keeps him optimistic about Bitcoin.
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