Galaxy Digital founder and CEO Mike Novogratz has said the United States’ calculation that Iran’s vulnerability makes its retaliation against the U.S. largely “symbolic” could be “very bullish for Trump and risk assets” if it plays out. According to Novogratz, Iran’s air defenses, many of which have reportedly been decimated by Israel, mean it is ill-prepared for a larger strike by the U.S. should it proceed and bomb American interests in the region.

The Galaxy Digital CEO’s remarks were made hours before Iran made good on its threats to retaliate by targeting a U.S. base in Qatar. According to several media reports, Iran launched six ballistic missiles toward U.S. bases in Qatar hours after the head of its military vowed to retaliate for the bombing of the country’s nuclear sites by American B-2 bombers.

At the time of writing, there was no preliminary assessment of the damage caused by the missile launches. However, before launching the missiles, Iran reportedly issued an advance warning to Qatar, allowing it to make preparations including closing its airspace. Following Iran’s strikes on American bases in Qatar, bitcoin, which is seen as a risk asset, went from just above $100,200 to above $102,400, contrasting its price action after the U.S. struck three Iranian nuclear sites.

Similarly, U.S. stocks appeared to respond well, with the S&P, which began the day below the 6,000 mark, rising 0.75% and the Dow Jones up 0.62%. Oil, on the other hand, began dropping soon after the missiles hit, falling from just over $74 per barrel to under $70.

Although the Iranian attack initially appeared to tally with his analysis, Novogratz cautioned against being overly optimistic when dealing with a “humiliated man.” However, he said the next 72 hours will be important, but if there is “no real counterpunch,” markets will be much higher by the end of the week.

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