Famous CEO Speaks: Fed and US Government Can Ignite BTC! How Many Dollars is 1 Bitcoin?

Galaxy Digital's CEO Mike Novogratz, who does not refrain from commenting on cryptocurrencies, warned that it is not possible for Bitcoin (BTC) to reach its all-time high (ATH) unless there is a change in macro conditions. Making new statements in Galaxy's podcast, the famous billionaire states that Bitcoin will probably move horizontally until interest rate cuts are made by the Fed, and then the rise for #BTC may begin.

There's a resurgence of 'Oh my God, the economy is slowing down' narrative, which will help. Unless the Fed acts or makes a major regulatory breakthrough, I don't think Bitcoin will hit its previous high of $73,000. These are both probably low delta.

I think we're in the $55,000 to $75,000 range. That's a pretty wide range. Probably closer to $57,000 to $73,000. We've probably identified the low and the high. I believe the next move will be up because I think we're getting closer to the election and Federal Reserve Chairman Jerome Powell will want to lower interest rates.

Novogratz emphasizes that another factor that could trigger the rise in Bitcoin could be the US federal government's spending and the increasing amount of debt. He expresses the opinion that this situation in the #USA may push more people to invest in BTC as "digital gold".

I'm talking about two things right now: crypto regulation and debt. And these contradict each other. If we had an administration like Biden or Trump addressing 26% of the federal budget, which should be 20% of GDP, that would not be good for Bitcoin.

It's great for my net worth that there are truly terrible policymakers, wasteful spenders, and populists in Washington. This is just the story of Bitcoin. Bitcoin is rising for the same reason that gold is rising. It's rising faster because we're a newer technology, a newer commodity, and so the adoption cycle happens faster.
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