Galaxy Digital’s founder and CEO, Mike Novogratz, expressed optimism regarding the future of crypto regulation in the US during an appearance on CNBC’s ‘Squawk Box’ this Tuesday. Novogratz, known for his bullish stance on cryptocurrencies, discussed various aspects including the current political landscape in the US, reflections on Biden’s recent debate performance, and the regulatory environment for crypto assets. Despite the current uncertainties surrounding crypto regulations, Novogratz confidently predicted that the upcoming administration would adopt a favorable approach that supports the growth of the industry.
“I’m not focused solely on one issue, but I strongly believe that crypto needs to transcend political divides and garner bipartisan support. We can’t afford to have one party endorsing it while another opposes it,” remarked Novogratz.
Novogratz emphasized that the regulatory landscape for crypto is undergoing a significant shift in the US. He pointed out that while a minority of Democrats have expressed reservations about crypto, the majority are supportive of innovation and the crypto sector. Despite challenges such as unclear regulations and occasional government crackdowns, Novogratz sees a positive momentum building.
“It’s been a frustrating journey at times due to regulatory ambiguity and occasional crackdowns, but things are definitely changing,” Novogratz commented. “I can assure you that irrespective of the election outcome, we will see favorable legislation for crypto. That’s a certainty.”
Regarding Bitcoin, Novogratz highlighted its recent performance, particularly after the surge fueled by ETF approval which saw prices surpass $73,000 in March. He noted that Bitcoin’s current price range of $55,000 to $73,000 reflects a period of adjustment following significant market developments.
“These things take time to settle,” Novogratz observed. He underscored Bitcoin’s significance as a core asset in investment portfolios, especially in light of increasing US debt resulting from what he termed as “excessive government spending.”
At the time of writing, Bitcoin was trading around $61,862, marking a 9% decline over the past month. However, it has shown impressive gains of 44% year-to-date and a notable 102% over the past year.