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Bitcoin could experience a significant rally if President Donald Trump appoints an extremely dovish Federal Reserve chair to replace Jerome Powell, according to Galaxy Digital (NASDAQ:GLXY) CEO Mike Novogratz.

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“That’s the biggest potential bull catalyst for Bitcoin and the rest of crypto,” Novogratz told PAID Network CEO and cryptocurrency podcaster Kyle Chasse in an interview last week.

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Novogratz said the market already expects Trump’s next Fed chair pick to be dovish, but warned that there could be an “oh s–t moment” if the nominee is even more dovish than anticipated. He noted Trump’s tendency to do the unexpected could send both gold and Bitcoin surging.

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Novogratz said such a move from Trump could lead to a so-called “blowoff top,” especially if the Fed cuts interest rates when they should not. He projected that in such a scenario, gold could surge from its recent price of $3,800 per ounce to $10,000 per ounce, while Bitcoin could rise from its current level of $114,000 to as high as $200,000.

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But Novogratz said he was not looking forward to such an outcome due to the potential implications for America, likely referring to the impact on the dollar’s strength and inflation.

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Trump, who nominated Powell as chief of the central bank in 2017, has recently suggested that his top picks for Fed chair are White House economic adviser Kevin Hassett, current Fed Governor Christopher Waller and former Fed Governor Kevin Warsh.

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Novogratz told Chasse that his preferred choice would be Warsh, suggesting that he would be a more balanced choice. Still, Warsh has repeatedly called for a “regime change” at the Fed and faulted their “hesitancy to cut rates.”

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Beyond Trump’s next Fed chair pick, Novogratz said another catalyst for the cryptocurrency market is the anticipated market structure bill and regulatory support from the Securities and Exchange Commission. He said the regulatory clarity is likely to see not just Wall Street but also corporate America get involved with cryptocurrencies. He said this potential adoption is the only reason there is a possibility that the cryptocurrency market could break its four-year cycle, which he says would typically have hit its peak in December.