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The CEO of Galaxy Digital, Mike Novogratz remains bullish on Bitcoin as the US Federal Reserve is going to cut rates.
Bitcoin, the big cheese of the crypto market has sought the attention of investors and traders for its wild price swings, offering opportunities and risks. Recently, Mike Novogratz, the CEO of Galaxy Digital, explained the reasons behind his bullish behavior on Bitcoin (BTC). He is hopeful about the US Federal Reserve cutting interest rates.
Why Mike Novogratz Is Bullish On Bitcoin
On April 9, 2024, Mike Novogratz took to the X platform to express his views and exciting information on Bitcoin.
Call me crazy but I don’t see one good reason for the fed to cut rates. Yet think they will. It’s a great set up for $BTC, gold, silver, copper. It’s not a great set up for the USA though. We need a politician who will cut spending dramatically!
— Mike Novogratz (@novogratz) April 8, 2024
Sound of silence…
Novogratz is bullish on BTC and despite his doubts, he thinks that the U.S. Federal Reserve is likely to reduce interest rates soon. He expressed his optimistic outlook for BTC and precious metals amidst these economic conditions in a recent social media post.
Additionally, he also expressed his concern about the U.S. federal funds deficit. However, he is optimistic about the future of cryptocurrency. In a previous prediction, Novogratz stated that BTC could exceed $100,000 by 2024, mentioning the increasing popularity of Bitcoin ETFs as the reason for this potential growth.
A Reuters report suggests that the possibility of the U.S. Federal Reserve cutting interest rates multiple times this year is decreasing. Current economic indicators showcase a strong U.S. economy, which may influence the Federal Reserve’s policy decisions.
The CEO also highlighted BTC’s appeal as a safe haven digital asset, seeking the attention of investors and traders. Last April, he predicted BTC in a ‘sweet spot’ if the Federal Reserve starts cutting interest rates again.
Furthermore, Arthur Hayes, former CEO of BitMEX warned about the potential post-halving plunge in Bitcoin’s price.
Moreover, the upcoming BTC halving events will reduce the mining rewards by half, and enhance concerns for miners including high-level competition and low-profit margins.
Bitcoin Price Action
As per the CoinMarketCap data, BTC’s current price is $70,825.68, a drop of 2.11% in the past 24 hours with a market cap of $1,393,466,100,963. The 24-hour volume of BTC is $34,713,550,103.
The digital asset hit its all-time of $73,750.07 on March 14, 2024, and recorded an all-time low of $0.04865 on July 15, 2010. BTC has a maximum supply of 21,000,000 and a circulating supply of 19,677,700.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
