Mike Novogratz, the CEO of Galaxy Digital, believes Bitcoin (BTC) won’t reach new record highs until the economy improves.
Macroeconomic Factors
Novogratz suggests that Bitcoin will likely remain within a range of $55,000 to $75,000 until the Federal Reserve (Fed) cuts interest rates. He believes this move would be positive for Bitcoin.
Regulatory Environment
Favorable regulations for cryptocurrencies could also boost Bitcoin’s value, according to Novogratz. He sees the current economic slowdown as a potential catalyst for regulatory changes.
Government Spending and Debt
Novogratz highlights the increasing US government spending and debt as factors that could drive more people to invest in Bitcoin as a “digital gold.” He believes this is similar to the reasons for gold’s rising value.
Bitcoin’s Current Value
At the time of writing, Bitcoin is trading at $66,849, up 2.5% in the past 24 hours.
