Mike Novogratz (마이크 노보그라츠), CEO of Galaxy Digital, said bitcoin would need passage of a U.S. cryptocurrency bill, Federal Reserve rate cuts and a recovery in investor demand to rise to $100,000.

On July 19, the blockchain outlet U.Today reported he appeared on the “Prof G Markets” podcast and said bitcoin would move in a narrow price range for the time being unless the macro environment improves. Novogratz put bitcoin’s lower bound at $60,000 and its upper bound at $80,000. He said that if it breaks above $80,000, the next ceiling could be $100,000.

He cited passage of the “Clarity Act,” Fed rate cuts and a re-ignition of buying as conditions for reaching $100,000. He said bitcoin could rise to a six-figure price only if those three factors are in place.

He also reiterated the long-term investment case for bitcoin, noting U.S. national debt has recently exceeded $39.5 trillion. He said every portfolio still needs bitcoin at a certain allocation.

He said the fervor in the cryptocurrency market has weakened compared with the past. Retail money seeking big gains previously drove market growth, but he said it has now shifted to artificial intelligence, high-growth technology stocks, sports betting and same-day expiry options. He said young investors who used to buy Solana now buy SK Hynix or shares of memory companies.

Even so, Novogratz said bitcoin has established itself as a store-of-value asset. He said institutional adoption has increased and the investor base that accepts it has grown large enough that bitcoin’s long-term case is unlikely to break down easily. He said bitcoin is likely to hold $60,000 and that cryptocurrency infrastructure will continue to become more robust and grow.