The founder and CEO of Galaxy Digital believes looming price cuts by the Fed are bullish for Bitcoin (BTC) and treasured metals.
Billionaire Mike Novogratz tells his 466,200 followers on the social media platform X that price cuts could also be unhealthy for the US financial system, however good for Bitcoin.
He suggests price cuts will improve liquidity, boosting Bitcoin, and that extra buyers will view the crypto king as a secure retailer of worth in unsure financial occasions.
“Name me loopy however I don’t see one good purpose for the Fed to chop charges. But suppose they may. It’s an amazing setup for BTC, gold, silver, and copper. It’s not an amazing setup for the USA although. We want a politician who will lower spending dramatically! Sound of silence from DC.”
In an interview with crypto analyst Scott Melker, Novogratz says that Bitcoin could soar past his base case of $100,000 in 2024 because the US’s mounting debt threatens to debase the US greenback.
“What worries me, fairly frankly, is that we do get into the runaway practice in crypto. There’s a state of affairs the place you’ll be able to see crypto turn out to be a runaway practice. It’s simply self-fulfilling and it eats itself. You’re not at $100,000, however you’re at $300,000 or $400,000. It’s not my base case, however I could make that state of affairs up.
That’s not good for society. Society doesn’t like all these new folks: ‘How did that man get so wealthy and I’m not?’ It’s what creates revolutions. It creates wars. It creates a breakdown in civil society. We are able to have wealth transfers at a reasonable tempo, however once they occur at speedy paces it actually is commonly not good…
I believe Bitcoin can go up simply due to adoption. However to see it explode normally can be as a result of we’re shedding management of our debt.”
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