![\"Bitcoin](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/04\/mike-novogratz-768x432.jpg\")
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Mike Novogratz, the CEO of Galaxy Digital and bitcoin bull has warned that the United States\u2019 failure to have its own digital currency could be an \u201cexistential crisis.\u201d However, the CEO says the country\u2019s fate is still in its hands. Novogratz made these comments a few days after former U.S. Secretary of State, Mike Pompeo suggested that the United States is not going to have a digital dollar anytime soon.<\/strong><\/p>\n Still, Novogratz tells<\/a> an interviewer that the United States\u2019 success on this front will be dependent on the way the country manages its fiscal and monetary policies. He said:<\/p>\n If our fiscal and monetary policy starts looking like it is from a Banana Republic\u2026you are going to run into some Minsky moment where confidence breaks down.<\/p>\n<\/blockquote>\n According to the report, a Minsky moment, which was espoused by the late Hyman Minsky, suggests \u201cthat a period of distortions in the financial system eventually ends very badly.\u201d The U.S. has injected trillions of dollars into its economy and reports<\/a> suggest more spending is being planned. However, some investors now fear this massive spending will cause the country\u2019s inflation rate<\/a> to rise.<\/p>\n <\/ins> <\/ins> <\/p>\n In the meantime, Novogratz also took time to push back against Peter Thiel\u2019s recent claims that bitcoin is being used as a financial weapon by China. According to Novogratz, there is \u201czero evidence of the Chinese government buying bitcoin.\u201d Further, the CEO dismisses Thiel as someone who \u201clikes to say things that are provocative.\u201d<\/p>\n As reported<\/a> by Bitcoin.com News, Thiel suggested at a recent seminar that China was using bitcoin\u2019s reserve currency status to undermine the U.S. In addition to bitcoin, other critics also point to China\u2019s rollout<\/a> of the digital yuan as another way the Asian country is planning to \u201ccompete with the U.S. and other major developed economies.\u201d<\/p>\n What do you think about bitcoin bull and billionaire Mike Novogratz\u2019s opinion about the digital dollar and a possible \u201cexistential crisis?\u201d Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\nDistortions in Financial System<\/h2>\n
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Bitcoin Not a Chinese Financial Weapon<\/h2>\n