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“Bitcoin has always been a report card on fiscal stewardship, and we’ve got no stewardship in D.C. right now,” Novogratz said during anwith CNBC on Wednesday. “There are two vectors of Bitcoin: one is adoption – and this move is mostly adoption – and the other is macro. The macro factors are the Fed, Congress, and the budget. We are running deficits that are at crisis levels.”
“As long as positive, the price is going to keep grinding higher,” Novogratz said. “Once that becomes negative you will see the first real correction. And so I think right now every trader is watching… you know, add up the nine ETFs and see what the net is, and as long as there are inflows,” Bitcoin price will continue to trade at elevated levels.”
“On one thing everyone can agree. Our public finances are on a dangerously unsustainable path,” Lachman said. “One indication of our budget problems is that at a time of cyclical economic strength, when the government’s budget should at least be in balance if not in surplus, the deficit is around six percent of GDP.”
After noting the high likelihood of “another regional bank crisis within the next year or so” due to losses tied to their bond portfolios, Lachman said, “Washington should take advantage of any delay in our public debt day of reckoning to put our public finances on a more sustainable path. However, judging by Washington’s past performance, no matter which party is in control, I would not suggest holding your breath for that to happen.
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