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BTC Galaxy Digital CEO Mike Novogratz reiterated his confidence in Bitcoin
Galaxy Digital founder and CEO Mike Novogratz once again expressed his confidence in Bitcoin, believing that the continued fiscal deficit in the United States is a key factor driving him to bullish on the cryptocurrency.
Deficit concerns and Bitcoin's outlook
Novogratz addressed this issue on Platform X in response to comments from investor and market commentator Charlie Bilello. Bilello pointed out the worrying size of the U.S. fiscal gap and mentioned that federal government revenue in July was US$334 billion, but spending reached US$766 billion, resulting in a deficit of US$432 billion that month.
Novogratz called the situation "horrific" and emphasized that U.S. fiscal policy urgently needed a shift. He mentioned the so-called "3-3-3" framework, which means achieving real economic growth of 3%, keeping the deficit within 3% of GDP, and increasing oil production by 3 million barrels per day. Novogratz praised Finance Minister Scott Bessent for pushing the strategy, but also admitted that "unfortunately, we are far from getting there."
"The government's inability to deal with its spending addiction has made me bullish on Bitcoin even in years of low energy in the crypto space. "
Forecasts and potential market impacts
The Congressional Budget Office's long-term budget forecasts further highlight the scale of the fiscal challenge. The agency predicted in February that the federal budget deficit for fiscal 2026 would reach $1.9 trillion. The agency also estimates that if current policies remain unchanged, debt held by the public could reach 101% of GDP this year and climb to 120% by 2036.
The latest data from the Congressional Budget Office shows that in the first nine months of fiscal year 2026, the government deficit has reached $1.4 trillion. "One day, bond markets will force fiscal discipline to be enforced," Novogratz commented. "He emphasized that external market pressures could drive policy changes.
The monthly deficit in July was $432 billion; the Congressional Budget Office forecast an annual deficit of $1.9 trillion for fiscal year 2026; the debt-to-GDP ratio in 2024 is 101%; the Congressional Budget Office forecast a debt-to-GDP ratio of 120% in 2036.
Fiscal Policy, Inflation and Cryptocurrencies
Novogratz linked persistent deficits to rising inflation in multiple industries over the past decade. He believes that the sharp increase in public debt is directly related to inflationary pressures.
He also said that the consequences of runaway government spending could be felt across the political arena, especially before the mid-term elections, where current officials in both major parties could be affected.
Novogratz linked the government's fiscal actions to his confidence in Bitcoin, noting that despite volatile market sentiment, macroeconomic fundamentals keep him optimistic about the prospects of this leading cryptocurrency.
