As debates over the US budget deficit hitting a record $2.5 trillion continue, the issue has been dominating market discussions for the third straight day. Against this backdrop, the administration’s proposed tax relief bill is facing growing criticism. Market participants are particularly concerned about the potential impact of the deficit on both the dollar and bitcoin, according to U.Today.
Billionaire Mike Novogratz recently highlighted the $36 trillion US national debt, predicting it could surpass $50 trillion within a decade. As a solution, he advocates investing in bitcoin. From his perspective, it is the only rational strategy amid such rapid debt growth.
Other influential investors and analysts share his opinion. They argue that the growing deficit is leading to unsustainable interest payments, gradually weakening the US currency. By 2034, the country's annual budget deficit could exceed $5 trillion. Against this backdrop, Novogratz suggests that predictions of bitcoin reaching $1 million no longer seem far-fetched but rather a plausible scenario.