In a recent one interview On the Unchained YouTube channel, Galaxy Digital CEO Mike Novogratz has outlined how he thinks Bitcoin will develop after the US elections. He argues that Bitcoin will trigger a new bull market regardless of who wins the US presidential race.
“BTC is going much higher quickly”
However, if Democratic candidate Kamala Harris comes out on top, he predicts the Bitcoin bull market will be somewhat delayed.
“I think if Trump wins we’ll make $73,000 and go much higher quickly. If Harris wins, we’ll probably flush to $50,000 [to] low $60,000, bottoming and then rising quite quickly.
Concerns about the US economy
While the crypto billionaire has a promising view on the future of BTC, his view on the US budget situation was unfavorable. He pointed out that record levels of US debt could lead to a depreciation of the dollar and that a falling dollar could pose inflation risks. Novogratz believes that the only way out for the US to pay off its record high debts is to devalue the dollar, risking runaway inflation.
“To be clear about my macro view, I think the chances of the US getting its act together are very slim. I think actually almost the best we can hope for is really gifted people around the table who can get inflation to 4% to 5% but not allow it to accelerate and slowly blow away these debts. And in that case, Bitcoin should still go higher,” he underlined.
It is striking that the national debt of the United States amounts to 35.866 trillion dollars. While the US debt stands at $35.866 trillion, Novogratz’s predictions underscore Bitcoin’s long-term growth potential. The outcome of the presidential election will significantly determine market reactions and impact Bitcoin’s value.
