Billionaire Investor Mike Novogratz Expects Bitcoin, Gold, and Silver to Rally as Fed Pivots
Billionaire investor and CEO of Galaxy Digital Mike Novogratz has expressed an optimistic outlook for assets like Bitcoin (BTC), gold, and silver as the Federal Reserve undergoes a shift in its monetary policy.
In an interview with Bloomberg TV, Novogratz highlighted that as the central bank transitions from a hawkish stance to a more dovish one, it will unleash “animal spirits” in the financial markets.
He pointed out that the US dollar has already started to weaken as market participants anticipate a pivot by the Fed.
The seasoned investor remained bullish on the euro, Australian dollar, and Brazilian real, while maintaining a short position on the Chinese yuan due to underlying structural issues within the Chinese economy.
With a short dollar position, Novogratz expects the US economy to slow down, inflation to cool off, and the Fed to initiate rate cuts.
In such a scenario, he believes that assets such as gold, silver, and Bitcoin will perform well.
Novogratz expressed his positive sentiment towards gold, mentioning that if the precious metal sustains a close above $2,000 for a few weeks, it could embark on a significant upward trajectory.
Additionally, he noted that silver appears to be primed for a surge as it faces a squeeze in market conditions.
“Gold, silver, bitcoin really all should do well if the Fed is finished hiking rates and starting to cut,” Novogratz predicted.
Novogratz further elaborated that several other factors could drive Bitcoin to new heights, including the potential approval of spot Bitcoin exchange-traded funds (ETFs), a shortage of sellers in the market, and the upcoming halving cycle.
Novogratz concluded by stating that the forthcoming election year in 2024 would introduce
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