Galaxy Digital CEO Mike Novogratz Predicts Bitcoin (BTC) Will Spark a New Bull Market Regardless of Who Wins the US Presidential Race
- Susan SarandonOriginal
- 2024-11-06 07:20:23800browse
In a recent interview on the Unchained YouTube channel, the Galaxy Digital CEO, Mike Novogratz has outlined how he thinks Bitcoin will move after the US elections.
Galaxy Digital CEO Mike Novogratz recently shared his predictions for Bitcoin’s price movement after the US elections in an interview with the Unchained YouTube channel. According to Novogratz, Bitcoin will enter a new bull market irrespective of the victor in the presidential race.
“BTC To Go A Lot Higher Fast”
However, he predicts a slight delay in the Bitcoin bull market if Democratic candidate Kamala Harris wins.
“I think on a Trump win, we break $73,000 and go a lot higher fast. On a Harris win, we probably flush down to high $50,000s [to] low $60,000s, bottom and then end up going up pretty quick.”
US Economy Concerns
Despite his optimism for BTC’s future, Novogratz expressed pessimism about the state of the US economy. He highlighted the unsustainable levels of US debt, which could lead to a weaker dollar and increased inflation risks. According to Novogratz, the only option left for the US to repay its record-high debt is to inflate away the dollar at the cost of rampant inflation.
“Just so I’m really clear on my macro view, I think the chance of the US getting its act together is really low. I think actually almost the best we can hope for is really gifted people around the table who can run inflation at 4% to 5% but not have it accelerate and slowly inflate away this debt. And in that case, Bitcoin should still go higher,” he added.
Notably, the national debt of the United States currently stands at $35.866 trillion. Despite the massive US debt, Novogratz’s predictions showcase Bitcoin’s potential for long-term growth, with the outcome of the presidential elections heavily influencing market reactions and impacting Bitcoin’s value.
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