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. He states that Bitcoin will spark a new bull market regardless of who wins the US presidential race.
“BTC To Go A Lot Higher Fast”
However, if Democratic candidate Kamala Harris comes out on top, he predicts that the Bitcoin bull market will be slightly delayed.Â
“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
While the crypto billionaire holds a promising view on the future of BTC, his viewpoint on the US fiscal situation was unfavorable. He pointed out that the record levels of US debt could lead to a depreciation of the dollar and a declining dollar could bring about inflation risks. Novogratz believes that the only way out for the US to pay off its record-high debt is to debase the dollar at the risk of runaway 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 underscored.Â
Notably, the national debt of the United States stands at $35.866 trillion. Amid the US debt reaching $35.866 trillion, Novogratz’s predictions underscores Bitcoin’s long-term growth potential. The outcome of the presidential elections will shape the market reactions significantly and impact Bitcoin’s value.
