Regulation
Billionaire Mike Novogratz issues a warning: He says Bitcoin is unlikely to hit a new high without macro assistance
Galaxy Digital CEO Mike Novogratz Warns That Bitcoin (Bitcoin) is unlikely to reach new all-time highs (ATH) until macroeconomic conditions change.
In a new interview on the Galaxy podcast, the billionaire He says that Bitcoin will likely trade sideways until the Fed cuts rates, which he believes would be bullish for the cryptocurrency king.
More favorable crypto regulations could also push Bitcoin to new all-time highs, he says.
“There’s a resurgence of the ‘Oh my God, the economy is slowing down’ narrative, which will be helpful. I don’t think Bitcoin is going to break above the old high, the $73,000 high, unless we get the Fed to step in or we get some big regulatory breakthrough. Both probably have a low delta.
I think we’re in a range of $55,000 to $75,000. That’s a pretty wide range. It’s probably closer to $57,000-$73,000. We probably put the minimum and maximum. I think the next move is up because I think we’re going to get closer to the election and [Federal Reserve Chairman Jerome] Powell will want to cut rates.”
Novogratz says another bullish factor for Bitcoin is the amount of US federal government spending and growing debt, which he believes will lead more people to invest in BTC as “digital gold.”
“Right now I’m talking about two things: cryptocurrency regulation and debt. And they are at odds with each other. If we had an administration, Biden or Trump, addressing this 26% of the federal budget of GDP, which should be 20%, that would not be good for Bitcoin.
And so having really crappy, spendthrift politicians and profligate populists in Washington, it’s great for my net worth. This is just the story of Bitcoin. Bitcoin is going up for the same reason gold is going up. It has grown faster because we are a newer technology, we are a newer product and so the adoption cycle is happening faster.”
At the time of writing, Bitcoin is trading at $66,849, up 2.5% in the last 24 hours.
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