Bitcoin to $70,000 by July? Scaramucci and Novogratz see the way

SkyBridge Capital founder Anthony Scaramucci and Galaxy Digital CEO Mike Novogratz said that Bitcoin could recover $70,000 by the end of July 2026.

They made the call on the latest All Things Market episodewhich focused on SpaceX, US debt, inflation, crypto rules, and the strategy’s Bitcoin moves.

Scaramucci said he expects Bitcoin to return to the $70,000 level because the market mood has become too negative. He said that any new purchase could push BTC to this level. Novogratz agreed with a more nuanced view, saying the odds are about “70/30” if the clarity law goes ahead.

Debt and inflation are the issue for Bitcoin

Novogratz linked Bitcoin’s outlook to the US debt burden. He said the country has debt of about $40 trillion and simply cannot get rid of this burden. In his view, policymakers may need consistent inflation to reduce the real value of that debt over time.

This argument supports the long-term fixed asset case for Bitcoin. When investors worry about the money supply, debt, and poor purchasing power, they often look to scarce assets. However, Novogratz also warned that inflation could become difficult to control if public confidence collapses.

Meanwhile, both investors also discussed the Clarity Act, which could create clearer rules for the US cryptocurrency market. Novogratz said he recently met with lawmakers from both parties and continues to see interest in passing the bill. He added that talks are still pending on some issues.

These issues include the ethical rules and legal treatment of privacy software. As previously reported, Galaxy has cut Prospects of passage of the CLARITY Act In 2026 to 60% as the Senate session approaches. JP Morgan Bitwise also offered more cautious views heading into the August holidays.

SpaceX and Strategy are adding pressure to the market

The episode opened with the public listing of SpaceX, which has become a new risk factor for cryptocurrency liquidity. Ditto I mentioned By crypto.news SpaceX’s planned offering attracted more than $250 billion in orders, nearly four times the amount it had aimed to raise. The same report said that cryptocurrencies had already lost about $250 billion during the June sell-off.

Later, crypto.news reported that ARK It bought about $444 million worth of SpaceX stockwhile the stock closed its first day approximately 19% higher than the IPO price. That gave SpaceX a market cap of more than $2.1 trillion, and maintained interest as to whether capital was moving away from cryptocurrencies toward big tech listings.

Scaramucci and Novogratz also reviewed the small Bitcoin sale and subsequent purchase from Strategy. As previously mentioned by crypto.news, the strategy Sold 32 Bitcointhen Bought 1,550 Bitcoin Days later. Its total holdings rose to 845,256 Bitcoin, while Michael Saylor He pointed out Investors turn to Bitcoin Common Stock (BPS) exposure as a measure of risk.