Galaxy Digital CEO Mike Novogratz is outlining how he thinks Bitcoin (BTC) will move after the United States votes for a new president.
In a new interview on the Unchained YouTube channel, Novogratz says that Bitcoin will spark a new bull market regardless of who wins the US presidential race.
But he predicts that the Bitcoin bull market will be slightly delayed if Democratic candidate Kamala Harris comes out on top.
“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.”
While the crypto billionaire holds a rosy view on the future of BTC, his outlook on the US fiscal situation is bleak. Novogratz believes that the only way out for the US to pay off its record-high debt is to debase the dollar at the risk of runaway inflation.
“Just so I’m really clear on my macro view, I think the chance of the US getting its act together is really low. I think actually almost the best we can hope for is really gifted people around the table who can run inflation at 4% to 5% but not have it accelerate and slowly inflate away this debt.
And in that case, Bitcoin should still go higher.”
At time of writing, the national debt of the United States stands at $35.866 trillion.
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