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The former New York City mayor's chances are "pretty thin," according to former House Speaker Newt Gingrich, but he's done it before.
"If you spend as much per vote as he spent running for mayor of New York ... he'd be very formidable," Gingrich told FOX Business' Maria Bartiromo on Monday. "He can clearly outspend Trump. He's much richer than Trump."
Bloomberg jumpstarted his 2020 campaign by spending $31 million in TV advertising, according to advertising analytics.
Bloomberg was ranked as the world's ninth richest person last year, worth an estimated $55.5 billion, according to Forbes. Trump's estimated net worth in 2018 was $3.1 billion.
Former White House chief strategist Steve Bannon on Sunday told Bartiromo that even though he believes Bloomberg can't beat Trump, the former mayor will change the dynamics of the race for Democrats.
"Michael Bloomberg's been putting these chess pieces in place, knowing how to apply capital, knowing where the pressure points are in these districts, knowing how you have to have a grassroots apparatus. You shouldn't discount him,” Bannon said on "Sunday Morning Futures." "The only person right now that could beat Donald Trump is Donald Trump."
Gingrich said Bloomberg might be able to buy enough big states to go into a brokered convention.
"I can imagine him in a California, in a New York and in an Illinois," said Gingrich. "But the sheer weight of money, getting enough delegates that nobody can get the traction to be a genuine front-runner and then you'd have a really wild convention next summer."