Galaxy Digital CEO Mike Novogratz warns that Bitcoin (BTC) is unlikely to reach new all-time highs (ATH) until macro conditions change.
In a new interview on the Galaxy podcast, the billionaire said that Bitcoin will likely trade sideways until the Fed cuts interest rates, which he believes will be bullish for the crypto tycoon.
More favorable cryptocurrency regulations could also lead to Bitcoin moving to a new ATH, he said.
“The ‘Oh my god, the economy is slowing’ narrative is back and that will help. I don't think they'll break the $73,000 high. They're both probably low delta.
I think it's in the $55,000 to $75,000 range. That's a pretty big range. It will probably be closer to $57,000 to $73,000. We probably priced in the lows and highs. I'm sure there will be a next move as we get closer to the election. [Federal Reserve Chairman Jerome] Mr. Powell will want to cut rates. ”
Novogratz said another bullish factor for Bitcoin is the amount of US federal government spending and rising debt, which he believes will encourage more people to invest in Bitcoin as “digital gold.” He said there was.
“Right now I'm talking about two things: cryptocurrency regulation and debt. And they're at odds with each other. ), it would be bad for Bitcoin.
So having really shitty policymakers and spendthrifts and populists in Washington is great for my net worth. That's exactly the story of Bitcoin. Bitcoin goes up for the same reason that gold goes up. We're growing faster because we're a newer technology, we're a newer product, so the adoption cycle is happening faster. ”
At the time of writing, Bitcoin was trading at $66,849, up 2.5% in the past 24 hours.
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