- Galaxy Digital CEO Mike Novogratz shared his thoughts on Bitcoin and the crypto market and his expectations for where the market is headed in an interview.
- The CEO remains optimistic about digital assets and expects a bull trend due to some current developments in the market.
- Novogratz expects the Federal Reserve to change its course later this year and believes this will be good for Bitcoin.
Galaxy Digital CEO Mike Novogratz revealed the factors that will be important for starting a rally in the Bitcoin market on a program he attended.
Factors That Will Start the Rally According to Novogratz
Novogratz shared his thoughts on Bitcoin and the crypto market and his expectations for where the market is headed in an interview on the Squawk Box program. Against the current market trend, the CEO remains optimistic about digital assets and expects a bull trend due to some current developments in the market.
Increasing adoption from Asia, such as countries like Hong Kong opening up new ways for individual investors to enter the market, is a sign of growing acceptance. Additionally, WeChat, China’s largest social messaging platform, began providing users with Bitcoin price data, allowing users to check the current price of BTC in yuan.
Both of these, according to Novogratz, will be a catalyst for a Bitcoin bull market. Galaxy Digital CEO Novogratz said:
“Crypto is lazy right now. There is constant demand from individual investors. We see all of this on platforms.”
A Turnaround Expected from the US Federal Reserve
In the interview, Novogratz also says he expects the Federal Reserve to change its course later this year and believes this will be good for Bitcoin. As the Fed continues its tight stance to combat inflation, risky assets such as stocks and BTC continue to suffer, but this situation could change rapidly if the Fed adopts a more accommodating stance.
Novogratz says this will happen in October 2023 and trigger a bull run for digital assets. As the Fed lowers interest rates, interest in Bitcoin will increase and prices will rise rapidly. Therefore, Novogratz believes that investing in Bitcoin will be a better decision than buying a one-year treasury bond.
Regarding institutions, he notes that their participation has decreased, but this does not mean they have disappeared completely. Novogratz says institutions either need regulated and sensible rules for cryptocurrencies or Republicans need to win next year’s US elections. He also adds, “Cryptocurrencies have become an incredibly partisan issue almost overnight, which is exactly what the industry doesn’t want or need.”
At the time of writing, the Bitcoin price is trading at 27,054 with a small gain of 0.89% in the last 24 hours.
