SkyBridge Capital founder Anthony Scaramucci and Galaxy Digital CEO Mike Novogratz say Bitcoin could return to $70,000 by the end of July 2026.
Summary
- Scaramucci sees negative Bitcoin sentiment as fuel for a move back above $70K soon.
- Novogratz says the progress of the CLARITY Act may support Bitcoin, but the timing remains politically uncertain this summer.
- The SpaceX IPO and Trading Strategy add pressure to an already cautious crypto market setup.
They made the call on the latest episode of All Things Markets, which focused on SpaceX, the US debt, inflation, crypto regulations, and Bitcoin Strategy moves.
Scaramucci said that he expects Bitcoin to return to $ 70,000 because the market situation has become very negative. He said any new purchases could push BTC to that level. Novogratz took a more measured view, saying the odds were about “70/30” if the CLARITY Act moves forward.
Debt and inflation are the culprit for Bitcoin
Novogratz linked the idea of Bitcoin to the US debt burden. He said the country has about $40 trillion in debt and will not simply grow out of that burden. In his view, policymakers may need continued inflation to reduce the real value of that debt over time.
That argument supports Bitcoin’s long-standing strong asset case. When investors worry about money supply, credit, and weak purchasing power, they often look to scarce assets. However, Novogratz also warned that inflation may be difficult to control if public trust is broken.
Meanwhile, Both investors also discussed the CLARITY Act, which would create clear rules for the crypto market in the United States. Novogratz said he recently met with attorneys from both parties and still sees interest in passing the bill. He also said that negotiations are still stalled on several issues.
Those issues include ethical rules and the legal management of privacy software. As previously reported, Galaxy cut its chances of passing the CLARITY Act in 2026 to 60% as the Senate term is short. JPMorgan and Bitwise also offered cautious views as the August break approaches.
SpaceX and Strategy are adding to the market pressure
The episode opened with the public listing of SpaceX, which has become a new feature of cryptocurrency risk. As previously reported by crypto.news, SpaceX’s planned offering attracted more than 250 billion orders, almost four times the amount it was intended to raise. The same report said that crypto has already lost about $250 billion during the June selloff.
Later, crypto.news reported that ARK bought about $444 million in SpaceX shares, while the stock closed its first day about 19% above its IPO price. That gave SpaceX a market value of more than $2.1 trillion and ended up paying attention to whether big money is moving from crypto to the big tech list.
Scaramucci and Novogratz also reviewed the Strategy’s Bitcoin sales and subsequent purchases. As previously reported by crypto.news, Isu sold 32 BTC, then bought 1,550 BTC days later. Its total value rose to 845,256 BTC, while Michael Saylor pointed investors to Common Equity Bitcoin Exposure BPS as a measure of risk.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
