Galaxy Digital Holdings chief executive officer Mike Novogratz said bitcoin could make a jump to $20,000 while criticizing the U.S. government for falling behind on digital money. 

Speaking in an interview with CNBC’s The Exchange, Novogratz appeared bullish on the outlook for bitcoin. The former Wall Street hedge fund manager predicted bitcoin would break above $10,000 in the short-term with a possible move to the previous all-time high of $20,000.

Novogratz noted that investors are turning to bitcoin and gold amidst the ongoing money-printing spree by the US Fed and Treasury. 

He said, 

Why are people buying Bitcoin? They are buying it because of the same reason they are buying gold. Gold is on the highs, Bitcoin has come from being sold-off below $5,000, and it’s back at almost $10,000.

He continued, 

Because people worry that the Fed and the Treasury are printing and buying too many dollars. We got this unholy alliance between huge fiscal stimulus by the Treasury and the Fed financing the whole thing.

Novogratz also criticized the U.S. government for falling behind China and other countries in the transition to fully digital cash. According to Novogratz, 93% of all transactions in China are completed electronically, with the US in danger taking a back seat to monetary innovation. 

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