Bitcoin at $70,000 in July? Scaramucci and Novogratz see a way

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

They made the call at the last All Things Markets episodewhich focused on SpaceX, US debt, inflation, crypto rules, and Strategy’s Bitcoin moves.

Scaramucci said he expects Bitcoin to return to $70,000 because market sentiment has become too negative. He said any new buying could push BTC above that level. Novogratz agreed with a more measured view, saying the odds were about “70/30” if the CLARITY Act moves forward.

Debt and inflation shape the case for Bitcoin

Novogratz linked Bitcoin’s prospects to the United States’ debt burden. He said the country has about $40 trillion in debt and cannot simply grow its way out of that burden. In his view, authorities may need constant inflation to reduce the real value of that debt over time.

That argument supports the long-standing hard asset argument for Bitcoin. When investors worry about money supply, debt, and weaker purchasing power, they often look at scarce assets. Still, Novogratz also warned that inflation could become difficult to control if public confidence is broken.

Meanwhile, both 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 interest in passing the bill. He also said that talks remain stalled on some issues.

Those issues include ethical standards and legal treatment of privacy software. As previously reported, Galaxy cut its Odds of passage of the CLARITY Act in 2026 to 60% as Senate time runs out. JPMorgan and Bitwise also gave more cautious opinions as the August break approaches.

SpaceX and Strategy add pressure to the market

The episode began with the public listing of SpaceX, which has become a new risk factor for cryptocurrency liquidity. as before reported According to crypto.news, SpaceX’s planned offering attracted more than $250 billion in orders, nearly four times the amount it intended to raise. The same report said that cryptocurrencies had already lost around $250 billion during the June sell-off.

Crypto.news later reported that ARK bought about $444 million worth of SpaceX shareswhile the stock closed its first day almost 19% above its IPO price. That gave SpaceX a market value of more than $2.1 trillion and kept attention on whether capital was shifting away from cryptocurrencies toward big tech listings.

Scaramucci and Novogratz also reviewed Strategy’s small sale and subsequent purchase of Bitcoin. As previously reported by crypto.news, Strategy sold 32 BTCso bought 1,550 BTC days later. His total holdings increased to 845,256 BTC, while Michael Saylor pointed investors to BPS exposure to common equity Bitcoin as a risk measure.