Galaxy Digital CEO says U.S. fiscal deficits are positive for bitcoin, keeps bullish view

Galaxy Digital CEO Mike Novogratz (마이크 노보그라츠) said persistent U.S. government fiscal deficits are a key factor behind his continued bullish outlook for bitcoin.

On Aug. 13, blockchain media outlet U.Today reported that Novogratz assessed that the U.S. government’s structural inability to control spending is ultimately strengthening the investment case for bitcoin.

Novogratz laid out the view in a reply to a post by investor and market commentator Charlie Bilello (찰리 빌렐로). Bilello pointed out that the U.S. federal government collected $334 billion in revenue in July but spent $766 billion, pushing the monthly fiscal deficit to $432 billion. Novogratz described the situation as “getting scarier.”

He said the United States needs to reverse its current fiscal trajectory. He also said attention should be paid to the “3-3-3” economic framework put forward by Treasury Secretary Scott Bessent (스콧 베센트). The plan refers to 3 percent real economic growth, cutting the fiscal deficit by 3 percent of gross domestic product, and increasing U.S. crude oil production by 3 million barrels a day. He added that the United States is not even close to the targets.

A projection the U.S. Congressional Budget Office released in February also aligns with such concerns. The CBO forecast public debt would reach 101 percent of GDP this year and, if current laws are largely maintained, rise to 120 percent by 2036. CBO estimates put the cumulative deficit for the first nine months of fiscal 2026 at $1.4 trillion.