Mike Novogratz, CEO of Galaxy Digital, expresses optimism that the US Federal Reserve will lower interest rates, despite his own belief that there isn’t a compelling reason for this decision, based on his latest post on X social media platform.
Novogratz thinks that similar large-scale financial circumstances would favor Bitcoin and precious metals. He expressed this by stating, “This is an excellent environment for Bitcoin, gold, silver, and copper.”
At the same time, Novogratz is concerned about the federal budget deficit in the US.
According to U.Today’s report, Novogratz forecasted that Bitcoin would exceed $100,000 by 2024 due to the strong momentum in Bitcoin ETFs, which he believed was driving the cryptocurrency’s price upward.
In April last year, the billionaire expressed his belief that the price of Bitcoin would benefit if the Federal Reserve decided to reduce interest rates once more.
According to Reuters, the probability of the Fed reducing interest rates three times in 2023 has significantly dropped. In fact, traders predict a lower than 50% likelihood for a rate decrease in June. The latest economic statistics, which underscore the robustness of the US economy, could discourage the Federal Reserve from adopting a more lenient monetary stance.
Is Bitcoin about to plunge?
April 8 saw Bitcoin’s price break through the $72,000 mark once more. Bitcoin enthusiasts are looking forward to the upcoming halving event, believed by some to be a major reason for Bitcoin’s potential price rise.
Nevertheless, Arthur Hayes, a previous CEO of BitMEX, believes that Bitcoin’s price may significantly drop near the halving because the optimistic perspective on this occurrence is widely accepted.
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2024-04-09 08:53