Regulation
Cryptocurrencies to benefit from positive regulation ‘regardless of who wins the election’
Mike Novogratz, Founder and CEO of Galaxy Digital said CNBC’s “Squawk Box” program reported Tuesday that the U.S. crypto industry is headed for positive regulation, regardless of who wins the upcoming election.
Mike Novogratzone of the biggest crypto bulls, shared his outlook in an interview that touched on the current US political scene, the disastrous Biden debate, and crypto. The billionaire claimed that despite the current status of Cryptocurrency Regulation in the United StatesHe believes that the next regime will take a positive stance and help the industry grow.
“I’m not a one-issue voter and I fundamentally believe that cryptocurrency should be bipartisan and needs to be. We can’t have one party that likes it and one that doesn’t,” Novogratz said.
The regulatory landscape for cryptocurrencies is “changing”
According to Novogratz, cryptocurrency is already largely a bipartisan issue in the United States, with only a small group of Democrats taking a negative stance toward the burgeoning industry. While this is frustrating, in terms of the lack of regulatory clarity or the negative impact of government crackdowns on the industry, Novogratz believes that “everything is changing.”
“I will tell you that most Democrats, outside of Elizabeth Warren and a small group of people, are pretty supportive of innovation and cryptocurrencies… Look, no matter who wins the next election, we’re going to have positive cryptocurrency legislation. I know that,” he added.
Novogratz Says BTC Is a Key Asset
Commenting on Bitcoin after the ETF-driven rally that pushed prices above $73,000 in March, Novogratz referenced earlier comments he shared about BTC’s price after the ETF approval. According to him, the benchmark cryptocurrency was likely to stay in the $55,000 to $73,000 range until the market gets a dose of fresh news.
“It takes some time for things to sink in,” he noted, adding that Bitcoin’s surge to its all-time high this year was “a huge uptick.”
Novogratz believes that BTC as a core portfolio makes sense, especially as US debt explodes due to “government spending like drunken sailors.”
At the time of writing, Bitcoin was trading around $61,862, down about 9% over the past 30 days. However, it is up 44% year-to-date and 102% over the past year.