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Biden Blocks Crypto, Bitcoin Could Hit $150k

Michael Novogratz, CEO of Galaxy Digital, criticizes Biden’s approach to crypto and predicts Bitcoin’s price could rise to $150,000. Galaxy is expanding into AI alongside crypto.

Jordan Avery by Jordan Avery
May 18, 2025
in Featured, News
Reading Time: 3 mins read
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Michael Novogratz, the CEO and founder of Galaxy Digital, believes that the crypto industry is at an important moment. His company, Galaxy Digital, recently went public on the Nasdaq under the ticker GLXY. During an interview with CNBC’s “Squawk Box,” Novogratz shared his thoughts on the future of crypto and his company’s shift in strategy.

Novogratz explained how Galaxy Digital started with a simple goal: “We started off wanting to be the Goldman Sachs of crypto.” At that time, the company wanted to build a solid foundation for crypto, just like Goldman Sachs did in traditional finance. Over the years, Galaxy Digital grew into a broker-dealer and asset management firm. Now, Novogratz says, “The herd is finally here.” This means that more people and businesses are starting to take crypto seriously.

Galaxy Digital Expands into AI

Galaxy Digital’s public debut on the Nasdaq marks a new chapter for the company. While the company still focuses on cryptocurrency, it has also started to move into the AI (artificial intelligence) data center business. This is a big change for the company. Novogratz explained that Galaxy is now a “data center company plus a crypto company.” He highlighted a major lease agreement with CoreWeave for space at the Helios site in Texas. Over the next 15 years, the company expects to pay close to $14 billion in rent for this space.

For Novogratz, the move into AI isn’t just about diversification. He sees both AI and crypto as the two most exciting areas for growth in the tech world. He predicts that by the middle of next year, Galaxy’s AI data center will start generating a lot of cash. This could help the company grow even more, alongside its crypto business.

Crypto and Politics: Novogratz Criticizes Biden’s Approach

When it comes to politics, Novogratz didn’t hold back his opinions. He spoke honestly about how the Biden administration handled crypto. “The four years under Biden were really un-American when it came to crypto. It was just misery,” he said. He added that the current environment is much better for the crypto space, calling it “amazing.”

Despite some criticisms from Democrats about Trump’s connections to crypto, Novogratz praised the work of Senators Warner and Gallego. These senators have been pushing for bipartisan legislation to help the crypto industry. Novogratz is hopeful that a bill will be passed soon. He believes this bill will be ready by Monday. After that, he expects that crypto issues in Washington D.C. will quiet down for a while.

Bitcoin’s Future: Novogratz Predicts Big Gains

Looking forward, Novogratz is optimistic about Bitcoin. He believes Bitcoin will continue to rise in price. “It looks like we’ll take out 106, 107, 108 and make the next leg to 131, 150,” he said. Novogratz sees Bitcoin as a growing asset. He also compared the value of crypto to gold, saying, “Crypto is a $2 trillion asset. Gold is a $22 trillion asset. One day, crypto will equal gold.” This suggests that Novogratz believes crypto has a long way to go before reaching its full potential.

Tags: AI Data CentersBidenbitcoinBitcoin Price PredictionCrypto Growthcrypto industryCrypto PoliticscryptocurrencyGalaxy DigitalGold vs CryptoMichael NovogratzNasdaq
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