It is known that one of the people who has supported Bitcoin from the beginning is former banker and famous billionaire Mike Novogratz. Novogratz, who is now known as the Bitcoin Bull in the industry, announced that he still sympathizes with BTC, although it is far from the forecast for 2020.
Speaking to CNBC’s Squawk Box program, Novogratz made positive statements about Bitcoin. Despite this sharp decline in crypto coins and the market stagnation, the experienced name expressed his love and made an interesting statement about Gold. Novogratz emphasized that the situation in the US dollar means a long-term rise for Gold.
Bitcoin and the US Dollar Relationship
Stating that the US budget deficits will not disappear “miraculously”, Novogratz emphasized that this is positive for both Bitcoin and Gold. The US budget deficit also experienced an incredible increase during the coronavirus period. The budget deficit is expected to reach $ 3.3 trillion towards the end of the year, according to the latest data.
The constant pumping of money by the government into the economy damaged by the coronavirus, of course, contributed to the worsening of this situation. Such a bad budget deficit was last seen in the 1969s and 2000s. The negative correlation between the dollar and Bitcoin could also be another reason Novogratz declares he loves BTC. It is known that the biggest reason of the sharp fall on September 2 is the rise of the US dollar. If the US dollar continues to fall sharply, as Novogratz predicted, it could mean another rally for BTC.