Mike Novogratz Names Key Reason Why He’s Bullish on Bitcoin

Galaxy Digital CEO Mike Novogratz is confident that the U.S. Federal Reserve will cut interest rates despite personally not seeing “one good reason” for them to do so, according to his recent post on the X social media network.

Novogratz believes that such macro-financial conditions would be beneficial for Bitcoin as well as precious metals. “It’s a great setup for BTC, gold, silver, copper,” he said.

At the same time, Novogratz is concerned about the federal budget deficit in the US.

As reported by U.Today, Novogratz previously predicted that the price of the largest cryptocurrency would be able to surpass the $100,000 level in 2024, citing the “runaway momentum” in Bitcoin ETFs as the key factor behind his bullishness.

Last April, the billionaire said that Bitcoin would be in “a sweet spot” if the Fed were to start cutting interest rates again.

With that being said, the odds of the Fed cutting interest rates three times this year have decreased dramatically, Reuters reports. In fact, futures traders now see less than a 50% chance of a June rate cut. Recent economic data, which once again displayed the resilience of the US economy, might dissuade the Federal Reserve from pursuing a more dovish monetary policy.

Is Bitcoin about to plunge?

On Apr. 8, the price of Bitcoin managed to surge above the $72,000 level once again. The cryptocurrency community is excited about the upcoming Bitcoin halving event, which many cite as one of the key bullish catalysts for the cryptocurrency.

However, former BitMEX CEO Arthur Hayes is convinced that the price of Bitcoin is going to plummet around the halving due to the bullish narrative surrounding this event being “well entrenched.”

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