Opinion: The "biggest bull market catalyst" for Bitcoin may be the next Federal Reserve Chair candidate

BlockBeats News, September 27, Galaxy Digital CEO Mike Novogratz stated that if the next nominee to succeed Powell as the Federal Reserve Chair is an extremely dovish individual, the price of bitcoin could see a significant surge. Novogratz said in an interview with Kyle Chasse, published on YouTube on Friday: "That could be the single biggest bull market catalyst for bitcoin and the entire crypto space."

Novogratz said: "If the Federal Reserve cuts rates when it shouldn't, and you appoint an extremely dovish chair," this could lead to a "final explosive rally" moment for bitcoin. "Could bitcoin reach $200,000? Of course it could... because if that happens, it would be a whole new ballgame."

Although such an aggressive rate-cutting scenario would be positive for cryptocurrencies, the cost would be high. "Do I want it to happen? No. Why? Because I kind of love America," he said. "It would actually be really bad for America," adding that the Federal Reserve could potentially lose its independence.