Bitcoin Bull Mike Novogratz Brings Up Reagan Amid Question Mark Hanging Over Biden's Candidacy: 'Power Is A Strange Drug'

Mike Novogratz, CEO of Galaxy Digital, shared his take on the cognitive decline of former President Ronald Reagan during his second term, seemingly comparing it with ongoing concerns over President Joe Biden’s condition,

What Happened: On Independence Day, Novogratz took to X, formerly Twitter, to compare Reagan’s medical condition to the current political climate, sparking a debate on the ethics of concealing such information from the public.

Novogratz wrote, “I remember the last few years of Reagan's second term when there was real speculation that he was missing a step, was suffering cognitive decline… we can debate if it was ethical that Nancy and his advisors hid that from us.”

He did, however, point out that Reagan did not seek re-election and was diagnosed with Alzheimer’s four years later.

Novogratz’s shots were seemingly fired toward incumbent President Joe Biden amid questions over his ability to lead the Democratic party in the upcoming presidential election. In fact, reports suggest that Biden himself is contemplating his candidacy after a subpar presidential debate last week.

See Also: Bitcoin Mining Giants Marathon, Riot, And Bitdeer Gear Up For Post-Halving Bull Run

Why It Matters: Novogratz’s comments come at a time when he has been vocal about the future of cryptocurrency regulation in the U.S. He recently expressed optimism about the future of digital assets legislation, regardless of the election outcome, saying, “No matter who wins the next election, we're going to get positive crypto legislation, I know that.”

A well-known cryptocurreny bull, Mike Novogratz also predicted a bullish future for Bitcoin (CRYPTO: BTC). Last month, he reiterated his prediction that Bitcoin would reach $100,000 by the end of 2024, citing regulatory tailwinds and increased institutional adoption as catalysts.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.