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Galaxy Digital’s outspoken CEO Mike Novogratz has warned that Bitcoin (BTC) is unlikely to reach its all-time high (ATH) unless there is a change in macro conditions. Speaking on Galaxy’s podcast, the billionaire stated that Bitcoin would likely move sideways until the Fed cuts interest rates, after which BTC could start to rise.
CEO’s Bitcoin Comments
Mike Novogratz is optimistic that more favorable cryptocurrency regulations in the future could also push Bitcoin to new ATHs.
The famous CEO made the following statements:
There is a resurgence in the ‘Oh my God, the economy is slowing down’ narrative, which will help. I don’t think Bitcoin will see its previous high of $73,000 unless the Fed takes action or there is a significant regulatory breakthrough. Both of these are likely low delta.
I think we are in a range between $55,000 and $75,000. This is quite a wide range. Probably closer to $57,000 to $73,000. We have likely set the low and high. I believe the next move will be up because we will be approaching the elections, and Federal Reserve Chairman Jerome Powell will want to lower interest rates.
Novogratz also emphasizes that another factor that could trigger a rise in Bitcoin is the spending and increasing debt of the US federal government. He suggests that this situation in the US could drive more people to invest in BTC as “digital gold.”
Right now, I’m talking about two things: crypto regulation and debt. And these are conflicting. If we had an administration like Biden or Trump, addressing a federal budget that should be 20% of GDP but is 26%, that wouldn’t be good for Bitcoin.
Having really terrible policymakers, wasteful spenders, and populists in Washington is great for my net worth. This is just Bitcoin’s story. Bitcoin is rising for the same reason gold is rising. It rises faster because we are a newer technology, a newer commodity, and therefore the adoption cycle happens faster.
1 Bitcoin Equals How Many Dollars
While Novogratz made these statements, market activity seems to have decreased slightly. As of the time of writing, the BTC price is trading at $66,950 and continues to challenge the $67,000 level. In the past hours, BTC surpassed $67,000 once again but couldn’t sustain it.
Bitcoin’s market cap remains above the $1.3 trillion threshold, depending on the price trend. The 24-hour trading volume is gradually decreasing. In the last 24 hours, BTC market volume dropped by 34%. After the decline, the volume stood at $19.4 billion.
