Responding to a bold statement by 76-year-old American politician Hilary Clinton on Bitcoin (BTC) and de-dollarization, Galaxy Digital CEO Mike Novogratz has highlighted the impact of politicians on the valuation and relevance of the US dollar.
The blame for de-dollarization is shifted to Bitcoin
Clinton, the former US Secretary of State, stated on the Bloomberg New Economy Forum that Bitcoin has the potential to undermine the dollar as a reserve currency. With this statement, the politician spoke about the possible consequences of digital currencies for de-dollarization.
The concept of dedollarization involves several companies attempting to reduce their dependence on the US dollar in international trade and finance. To achieve this, these countries are turning to alternative currencies or assets, a move that is currently underway propagated by the BRICS group. In this case, Clinton is trying to turn the tables by pointing out that Bitcoin is now the main driver of the de-dollarization agenda.
Meanwhile, Galaxy Digital CEO Novogratz disagreed that Bitcoin was to blame in this case. Novogratz believes that the only thing that can undermine the USD is reckless spending by Republicans and Democrats.
The only thing that can undermine the dollar as a reserve currency is reckless spending by both parties. Trump and Biden normalized huge deficits and plunged us into the worst financial crisis of my lifetime. Don’t blame $BTC. It is a testimony of financial responsibility. https://t.co/YoNmVctI7D
— Mike Novogratz (@novogratz) February 10, 2024
He went on to say that former US President Trump and incumbent Joe Biden had normalized huge deficits, adding that they had plunged Americans into the worst financial crisis ever.
“Don’t blame $BTC. It is a testament to financial responsibility,” explained the CEO of Galaxy Digital.
Mike Novogratz receives community support
The members of Crypto
A person identified as cryptospringo noted that Clinton's sentiment stems from a lack of accountability from both parties. Instead of focusing on blaming Bitcoin for de-dollarization, one X user opined that it is appropriate to make better decisions to ensure the country's financial stability.
This is not the first time that Novogratz has countered strong opinions on Bitcoin. Appearing 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 remained consistent wrong in his feelings.
Mike Novogratz's company Galaxy Digital currently has one active spot Bitcoin ETF product It was launched in collaboration with Invesco. This new asset class offers investors a way to escape the dollar's declining valuation, following an approach that companies like MicroStrategy have normalized since August 2020.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to drive mainstream adoption and global integration of the new technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and websites. Benjamin Godfrey is a lover of sports and farming. Follow him on Twitter, Linkedin
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