Mike Novogratz Predicts Bitcoin Surge Post-Election, Expects Rapid Growth

In a recent interview with the Unchained YouTube channel, Galaxy Digital CEO Mike Novogratz offered his thoughts on the future of Bitcoin. Regardless of the outcome of the next U.S. presidential election, he said he is confident in Bitcoin’s rise and that a new bull market would emerge. He did point out that the winner could have an impact on the timing and speed of Bitcoin’s ascent.

Bitcoin’s Path Under Trump or Harris

Novogratz provided many Bitcoin scenarios according to the outcome of the election. Donald Trump, the Republican contender, thinks Bitcoin will soon rise above $73,000 and cause a strong rally if he wins. A modest delay could be introduced, though, if Democratic candidate Kamala Harris wins. According to his prediction, Bitcoin may first fall to the mid $50,000s or low $60,000s in this scenario before leveling off and rising higher.

“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,” Novogratz said.

Concerns Over U.S. Fiscal Policy and the National Debt

While Novogratz maintains a positive outlook for Bitcoin, his view on the U.S. economy is more cautious. He voiced concerns about the country’s mounting debt and warned of potential dollar debasement as a way for the U.S. to manage its financial obligations. At present, the national debt stands at a staggering $35.466 trillion.

Novogratz envisions a scenario where inflation is strategically managed at a level of 4% to 5% to gradually reduce the debt burden. However, he expressed doubts about the government’s ability to execute this plan effectively. “Just so I’m really clear on my macro view, I think the chance of the U.S. getting its act together is really low,” he stated. He added, “In that case, Bitcoin should still go higher,” signaling his belief that Bitcoin’s value will appreciate amid fiscal instability.