Galaxy Digital CEO and famous crypto investor Mike Novogratz made striking predictions about Bitcoin (BTC) price movements after the US presidential elections.
In an interview with the Unchained YouTube channel, Novogratz stated that he thinks Bitcoin will enter a new bull market regardless of the election result.
However, Novogratz predicts that Bitcoin’s rise could be delayed for a while if Democratic candidate Kamala Harris wins. “If Trump wins, Bitcoin could quickly rise higher, exceeding $73,000. However, if Harris wins, BTC could first fall to the low $50,000s and high $60,000s, and then start an upward movement again in a short time,” he said.
The financial situation of the US and the depreciation of the dollar
Novogratz, while positive about Bitcoin’s future, is not as optimistic about the US’s financial situation. He noted that the only way for the US to pay off its record debt is to devalue the dollar, which would create the risk of high inflation. “From a macro perspective, I think it’s hard for the US to recover its financial situation. At best, inflation can be kept between 4% and 5%, and the debt can slowly melt away,” he added.
According to Novogratz, even in this scenario, Bitcoin will continue to rise in the long term due to rising inflation and the depreciation of the dollar. Novogratz believes that as inflationary pressures rise, demand for alternative assets like Bitcoin will increase, and he thinks that BTC will continue to be a strong hedge for investors.
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