In a latest public rant, Elon Musk addressed the continued inflation problem, pointing to extreme authorities spending and the Federal Reserve’s financial insurance policies as the primary culprits. He mentioned that slicing down on wasteful authorities spending is one of the best ways to deal with inflation.
This view is fairly widespread, however it obtained a shocking endorsement from Mike Novogratz, a giant identify within the crypto house. Novogratz, who has been a powerful supporter of Bitcoin (BTC) and different digital belongings, responded to Musk’s assertion, stating that it impacts individuals on each side of the political spectrum.
He believes that Bitcoin, together with different actual belongings like gold and silver, will proceed to be precious as a result of the federal government is unlikely to handle entitlement applications, reminiscent of Social Safety and Medicare.
That is probably the most bi-partisan factor that @elonmusk has mentioned shortly!!!
Given my perception that neither social gathering will contact entitlements (social safety and Medicare) I firmly imagine that $BTC can be asset to personal. Identical with gold, silver and different actual belongings. https://t.co/WVkn2Xj5PZ
— Mike Novogratz (@novogratz) August 16, 2024
Frequent sense or common critique?
Apparently, this sentiment is turning into extra widespread amongst main voices on the monetary markets.
Some, like Robert Kiyosaki, identified for his bestselling ebook “Wealthy Dad Poor Dad,” use stronger phrases, denigrating the federal government and calling the greenback a “pretend” foreign money. Others, like Musk or Novogratz, help the greenback however discredit the insurance policies carried out by the Fed.
The result, nevertheless, doesn’t rely on opinion, with a recession most likely already right here and inflation falling amid rumors of price cuts. What occurs subsequent is an open query, as at all times, however this time, Bitcoin is taking heart stage in its place secure haven to gold. Peter Schiff, although, doesn’t suppose so.