In the latest episode of All Things Markets, SkyBridge Capital founder Anthony Scaramucci and Galaxy Digital CEO Mike Novogratz predicted that the flagship cryptocurrency is poised to reclaim the $70,000 threshold by the end of July 2026.
Both investors believe that macroeconomic pressures and upcoming regulatory milestones will be powerful catalysts for a price reversal.
“Do you think Bitcoin can reclaim 70k by the end of July? I’ll go first and say that it will,” Scaramucci stated. “I just think because it’s burnt out and the sentiment is so negative that any incremental buying will lift it through 70.”
Mike Novogratz shared this optimistic outlook. “I would say 70/30 it gets back up,” Novogratz responded. “A lot depends on… I mean I think listen if clarity happens I definitely think it does. If clarity doesn’t happen… we’ll know by July 10th if this is happening or not.”
A $40 trillion debt spiral
Novogratz has argued that the massive U.S. fiscal deficit leaves policymakers with virtually no choice but to rely on inflation. This inherently strengthens the narrative for hard assets like Bitcoin, according to the crypto mogul.
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“We have $40 trillion of debt and it’s growing,” Novogratz warned. “The only way we deal with that debt is to inflate it away. Period. End of story. There is no other. We don’t grow out of $40 trillion of debt. So, we actually need inflation and we’ve got to in some ways run three to 4% inflation… whacking away at that debt.”
However, Novogratz noted that this strategy carries immense economic risk if public trust evaporates. “What normally happens is people lose control of confidence and then all of a sudden that inflation goes not to 4% but to 14 or 40%. And all the debt gets wiped out and but all the wealth gets wiped out. We are playing in the trickiest game macroeconomics can play.”
The regulatory catalyst
Novogratz recounted his extensive efforts on Capitol Hill trying to push the legislation across the finish line.
“I spent 10 hours Wednesday. I met with eight different senators, congressmen, left and right,” Novogratz revealed. “And here are the positives. Everyone left and right wants to get this done… we’re down to three issues in a giant bill.”
According to Novogratz, the final sticking points revolve around political ethics provisions and how much power to grant prosecutors regarding privacy protocols. “One is ethics… the Democrats feel rightfully or wrongfully that this administration has personally benefited a ton and crypto has been one of the avenues they’ve used it… [The second is] the ability to prosecute people like Tornado Cash… Should the guy who built it be liable? Crypto community says, ‘No, no, it’s just code.'”
Novogratz admitted his confidence has waned slightly: “I’m still positive, but I would have gone from 85/15 three weeks ago to 60/40.” Scaramucci was even more skeptical about a breakthrough before the summer recess, remarking, “I sort of feel like the wind is out of it. I think some of the things that the president does has sufficiently upset the opposition where they just don’t want to give them the win here.”
The “Saylor Strategy”
The duo concluded by analyzing the trading behavior of Strategy’s Michael Saylor, who raised eyebrows by selling a small amount of Bitcoin before executing a massive $101 million purchase just days later.
Novogratz explained that Saylor is managing liabilities as he transitions MicroStrategy’s balance sheet away from standard fiat debt. “Michael has been walking himself away from dollar-based debt to MicroStrategy-based prefers… I think what he was trying to do, and I think it was a terrible mistake, was tell the markets, ‘Hey, I’m not scared to sell Bitcoin. Don’t worry about my preferreds. There’s no way you’re losing money on these preferreds.'”
Ultimately, Novogratz emphasized that Saylor’s deep conviction is what separates him from traditional fund managers. “Michael believes everything he says. He believes Bitcoin is one of the great inventions ever made and that because these governments won’t be able to stop spending money… this thing is still destined for a million. If you ask a lot of market guys like me, I think he’s right. We’re always probability-basing things. We’re not religious. He’s religious.”
