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It's not only the Federal Reserve's interest rate cuts that will impact bitcoin prices. The 2024 election will too.
Galaxy Digital CEO Michael Novogratz, speaking with Market Domination anchor Julie Hyman from the Future Proof conference, says if former President Donald Trump wins, bitcoin (BTC-USD) will be "off to the races." If the victor is Vice President Kamala Harris, Novogratz thinks as along as her crypto policy is "decent," prices could be "much higher" a year from now.
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This post was written by Stephanie Mikulich.
Bitcoin is under pressure ahead of the Fed's rate decision. Our very own Julie Hyman is at the Future Proof conference out in Southern Cali, catching up with some top names including Michael Novogratz, CEO of Galaxy Digital. Julie got his outlook for crypto given the busy year ahead.
Do you have a price target for Bitcoin?
You know, I do think this year's interesting. If we get through this 73 area, then it's going to go a lot higher. It's going to take, I think the Fed's going to cut rates tomorrow. If it's 25 or 50 doesn't really matter because they're going to be really dovish. I think they'll go 50. Uh that's going to set off a series of rate cuts. So it goes to the crypto narrative, and it's going to be around this election. And I think getting through the election and seeing if Trump wins, off to the races, and if Harris wins, what she comes out with her crypto policy. As long as it's decent, I think we take that high out, and we're much higher a year from now.
Thank you, Julie Hyman, for bringing us those insights there.
