Mike Novogratz: Bitcoin Price Linked to US Fiscal Policies
Mike Novogratz– Galaxy Digital CEO Mike Novogratz recently shared his insights on Bitcoin and the evolving crypto market during an interview with Fox Business. He expressed skepticism about the hype surrounding Bitcoin balance sheet companies, referencing the wave of firms following Michael Saylor’s strategy of acquiring Bitcoin. Novogratz commented, “You see a whole new range of…balance sheet company plays. I think that’s probably getting a little overhyped.” For example, video game retailer GameStop announced plans to raise $1.75 billion, potentially to purchase more Bitcoin.
Novogratz believes Bitcoin’s price will closely follow how fiscally conservative the U.S. government remains. “We had a populist government on the left, and now we have a populist government on the right. They love spending money,” he said. According to Novogratz, this spending behavior is likely to support “a really nice” upward trajectory for Bitcoin’s price. While he did not specify a target price during this interview, he had previously predicted Bitcoin could reach $150,000 “soon.” He added, “Once it goes, you don’t know where it’s gonna stop.”
Positive Regulatory Developments in the U.S.
Novogratz highlighted a more open regulatory environment in the United States. He noted the SEC’s recent outreach to industry players as “unbelievably refreshing,” pointing out that three crypto companies have gone public in the past six weeks. He expects “a whole bunch more” to enter capital markets soon, signaling growing confidence in the sector.
The billionaire also discussed accelerating cryptocurrency adoption and anticipated significant changes in the industry within the next 24 months. Novogratz emphasized trends like the tokenization of equities and fixed income assets. He stated that “asset managers and banking institutions cannot afford not to be engaged in the space,” indicating a broader shift toward integrating crypto technologies in traditional finance.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
