Bitcoin to $70K by July? Scaramucci and Novogratz see a path

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

They made the call on the latest All Things Markets episode, which centered on SpaceX, U.S. debt, inflation, crypto rules, and Strategy’s Bitcoin moves.

Scaramucci said he expects Bitcoin to return to $70,000 because market mood has turned too negative. He said any fresh buying could push BTC through 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 Bitcoin case

Novogratz linked the Bitcoin outlook to the U.S. debt load. He said the country has about $40 trillion in debt and cannot simply grow its way out of that burden. In his view, policymakers may need steady inflation to reduce the real value of that debt over time.

That argument supports the long-running hard-asset case 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 can become hard to control if public trust breaks.

Meanwhile, Both investors also discussed the CLARITY Act, which could create clearer crypto market rules in the United States. Novogratz said he recently met lawmakers from both parties and still sees interest in passing the bill. He also said talks remain stuck on a few issues.

Those issues include ethics rules and legal treatment of privacy software. As previously reported, Galaxy cut its odds of CLARITY Act passage in 2026 to 60% as Senate time runs short. JPMorgan and Bitwise also gave more cautious views as the August recess approaches.

SpaceX and Strategy add market pressure

The episode opened with SpaceX’s public listing, which has become a new risk factor for crypto liquidity. As previously reported by crypto.news, SpaceX’s planned offering drew more than $250 billion in orders, nearly four times the amount it aimed to raise. The same report said crypto had already lost about $250 billion during the June selloff.

Later, crypto.news reported that ARK bought about $444 million in SpaceX shares, while the stock closed its first day almost 19% above its IPO price. That gave SpaceX a market value above $2.1 trillion and kept attention on whether capital was moving away from crypto toward large technology listings.

Scaramucci and Novogratz also reviewed Strategy’s small Bitcoin sale and later purchase. As previously reported by crypto.news, Strategy sold 32 BTC, then bought 1,550 BTC days later. Its total holdings rose to 845,256 BTC, while Michael Saylor pointed investors to Common Equity Bitcoin Exposure BPS as a risk measure.