Mike Novogratz predicts favorable regulation for crypto
Galaxy Digital’s founder and CEO, Mike Novogratz, conveyed to CNBC’s ‘Squawk Box’ on Tuesday that the future of the US crypto sector looks promising regardless of the outcome of the upcoming election. Novogratz, a prominent figure in the crypto community, shared his perspective during an interview covering US politics, Biden’s recent debate performance, and the impact on cryptocurrencies. Despite the current uncertainties surrounding crypto regulations in the US, Novogratz expressed confidence that the next administration will adopt a favorable stance, fostering growth within the industry.
“I’m not a single-issue voter, and I firmly believe that crypto should transcend partisan politics—it needs to be bipartisan. We cannot afford to have one party in favor while the other opposes it,” stated Novogratz.
Novogratz highlighted the evolving regulatory landscape for crypto, noting that it’s increasingly becoming a bipartisan concern in the US, with a minority of Democrats holding reservations about the industry’s potential. Despite frustrations caused by regulatory ambiguities and occasional government interventions, Novogratz emphasized a notable shift in attitudes.
“Most Democrats, apart from a few like Elizabeth Warren, are generally supportive of innovation and crypto… Regardless of the election outcome, positive crypto legislation is on the horizon. That much I’m certain of,” he added confidently.
Regarding Bitcoin (BTC), Novogratz commented on its significance as a cornerstone asset. Reflecting on the recent market dynamics, including the ETF-driven surge that propelled BTC above $73,000 in March, Novogratz reiterated his earlier predictions about BTC’s price trajectory post-ETF approval. He anticipated Bitcoin would likely trade within the $55,000 to $73,000 range until new market catalysts emerged.
“It takes time for the market to absorb new developments,” he observed, describing this year’s surge to an all-time high as a substantial upward movement.
Given the current economic climate, Novogratz advocated for BTC as a strategic portfolio holding, particularly amidst increasing US government spending and burgeoning national debt.
At the time of writing, Bitcoin was trading around $61,862, marking a 9% decline over the past month but showing strong gains of 44% year-to-date and 102% over the past year.
