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Billionaire Investor Mike Novogratz Expects Bitcoin, Gold, and Silver to Rally as Fed Pivots

Billionaire investor and Galaxy Digital CEO, Mike Novogratz, has expressed a positive outlook for assets such as Bitcoin (BTC), gold, and silver in light of the Federal Reserve’s shift in monetary policy.

In a Bloomberg TV interview, Novogratz emphasized that as the central bank moves from a hawkish stance to a more dovish one, it will unleash “animal spirits” in the financial markets.

He highlighted the early signs of a weakening US dollar as market participants anticipate a shift in the Fed’s approach.

While remaining optimistic about the euro, Australian dollar, and Brazilian real, Novogratz maintained a short position on the Chinese yuan, citing structural issues within the Chinese economy.

Anticipating a slowdown in the US economy, a decline in inflation, and potential rate cuts by the Federal Reserve due to his short position on the dollar, Novogratz foresees positive performance for assets like gold, silver, and Bitcoin.

Expressing optimism about gold, he suggested that if the precious metal maintains a close above $2,000 for several weeks, it could embark on a significant upward trajectory.

In addition, Novogratz observed that silver seems poised for a surge amidst tightening market conditions.

“Gold, silver, bitcoin really all should do well if the Fed is finished hiking rates and starting to cut,” predicted Novogratz.

More Factors Could Drive BTC Price Up

Expanding on his perspective, Novogratz detailed several factors that could propel Bitcoin to new heights, including the potential approval of spot Bitcoin exchange-traded funds (ETFs), a scarcity of sellers in the market, and the upcoming halving cycle.

He concluded by highlighting the impact of the upcoming 2024 election year, foreseeing additional political uncertainty that could act as a positive force for Bitcoin. Furthermore, amid fiscal challenges in the United States, Europe, and Japan, investors are increasingly seeking alternative stores of value, initially driving interest in Bitcoin.

The recent surge in crypto markets, with the flagship cryptocurrency reaching up to $38,000, has been notably fueled by optimism surrounding the introduction of a spot Bitcoin ETF. Analysts at Cantor Fitzgerald, a financial services firm, believe that the much-anticipated spot BTC ETF is steadily approaching reality.

Renowned for its prime brokerage and investment banking services, the company has developed a strong belief in the approval of applications by asset managers aiming to introduce a spot ETF for Bitcoin.

Despite the SEC’s historical hesitancy to greenlight a spot bitcoin ETF over worries about potential manipulation on offshore spot platforms, Cantor Fitzgerald remains optimistic. The firm suggests that the market surveillance measures outlined by new applicants could effectively address these concerns, potentially influencing the SEC to grant approval.

Analysts Josh Siegler and Will Carlson from Cantor Fitzgerald underscored the significance of establishing a “comprehensive surveillance-sharing agreement with a regulated market of significant size” as a key factor in appeasing regulators.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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