Anthony Scaramucci, founder of SkyBridge Capital, and Mike Novogratz, CEO of Galaxy Digital, said Bitcoin could reclaim $70,000 by the end of July 2026.
Summary
- Scaramucci sees negative Bitcoin sentiment as fuel for a possible return above $70,000 soon.
- Novogratz says progress on the CLARITY Act could support Bitcoin, but the timeline remains politically uncertain this summer.
- SpaceX’s IPO and strategy transactions add pressure to an already cautious crypto market setup.
They made the call on the latest episode of All Things Markets, focusing on SpaceX, US debt, inflation, crypto rules and Strategy’s Bitcoin moves.
Scaramucci said he expects Bitcoin to return to $70,000 because the market mood has become too negative. He said any new purchases could push BTC to this level. Novogratz agreed with a more measured view, saying the odds were about “70/30” if the CLARITY Act moved forward.
Debt and inflation shape the case for Bitcoin
Novogratz linked the outlook for Bitcoin to the level of US debt. He said the country is about $40 trillion in debt and can’t just get by. Policymakers may need consistent inflation to reduce the real value of this debt over time, he said.
This argument supports the long-standing argument in favor of Bitcoin. When investors worry about money supply, debt and low purchasing power, they often turn to scarce assets. Nonetheless, Novogratz also warned that inflation could become difficult to control if public confidence breaks down.
At the same time, the two investors also discussed the CLARITY Act, which could create clearer rules for the crypto market in the United States. Novogratz said he recently met with lawmakers from both parties and still sees merit in passing the bill. He also said negotiations remained stuck on a few issues.
These issues include ethical rules and the legal treatment of privacy software. As previously reported, Galaxy has cut its chances of passing the CLARITY Act to 60% in 2026, with time remaining in the Senate running out. JPMorgan and Bitwise also expressed more cautious views heading into the August holidays.
SpaceX and Strategy add pressure to the market
The episode opened with the public listing of SpaceX, which has become a new risk factor for crypto-liquidity. As previously reported by crypto.news, SpaceX’s planned offering generated more than $250 billion in orders, nearly four times the amount it aimed to raise. The same report states that crypto has already lost around $250 billion in the June sell-off.
Later, crypto.news reported that ARK purchased approximately $444 million worth of SpaceX shares, as the stock closed its first day nearly 19% above its IPO price. That gave SpaceX a market value above $2.1 trillion and raised questions about whether capital was moving away from crypto and toward big tech listings.
Scaramucci and Novogratz also looked at Strategy’s small sale and subsequent purchase of Bitcoin. As previously reported by crypto.news, Strategy sold 32 BTC and then bought 1,550 BTC a few days later. His total holdings reached 845,256 BTC, while Michael Saylor told investors the Common Equity Bitcoin Exposure BPS as a risk measure.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are intended for educational purposes only.
