4/5 🧵 The macro backdrop is where Novogratz gets more aggressive. He points to the US deficit and roughly $40 trillion debt load as a reason governments may lean on inflation over time. That matters because inflation tends to make scarce assets look more attractive. His thesis: if the system quietly inflates away debt, Bitcoin benefits from the “hard asset” narrative. The catch? That game is dangerous. If trust breaks, inflation doesn’t politely tap the brakes — it can wreck purchasing power.
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