As a long-term crypto investor with experience in navigating regulatory landscapes, I share Mike Novogratz’s optimistic outlook on the future of crypto regulations in the US. His belief that crypto is a bipartisan issue and that positive legislation is imminent, regardless of who wins the upcoming election, gives me confidence that the industry will continue to grow.
Mike Novogratz, the founder and CEO of Galaxy Digital, expressed optimism about favorable cryptocurrency regulations in the United States during an interview with CNBC’s “Squawk Box” on Tuesday, regardless of the outcome of the upcoming election.
Mike Novogratz, a prominent figure in the cryptocurrency world and a bullish investor, expressed his optimistic perspective during an interview about the future of crypto regulation in the United States. Amidst discussions on the current political landscape, including Biden’s less-than-ideal debate performance, Novogratz expressed confidence that the upcoming regulatory regime will adopt a favorable stance towards cryptocurrencies and contribute to the industry’s expansion.
“Novogratz expressed his belief that he isn’t limited to one particular issue and stressed the importance of crypto being supported by both political parties. He underlined that it is crucial for there not to be a division between parties on this matter.”
Regardless of the outcome of the upcoming election, I am certain that favorable cryptocurrency legislation will be enacted.
— Squawk Box (@SquawkCNBC) July 2, 2024
Crypto regulatory landscape “shifting”
In the assessment of Novogratz, crypto has gained broad acceptance among Americans from both political parties, with a minimal number of Democratic voices expressing opposition to this evolving sector. Although frustrating due to regulatory uncertainty and potential government suppression, Novogratz is optimistic that these challenges are merely transitional.
“He expressed that the vast majority of Democrats, excluding Elizabeth Warren and a few others, hold supportive views towards innovation and cryptocurrencies. Rest assured, regardless of who emerges as the winner in the upcoming election, we can anticipate favorable crypto legislation.”
Novogratz says BTC is a core holding
Regarding Bitcoin‘s price surge above $73k in March due to ETF approval, Novogratz revisited his earlier views. He believed that Bitcoin would probably remain within the $55k to $73k price range until the market received fresh information.
“He remarked that it takes some time for processes to unfold, specifically referencing Bitcoin’s significant climb to its record price this year as a notable upward trend.”
Novogratz holds that including Bitcoin as a significant investment in one’s portfolio is prudent, considering the escalating US national debt and the government’s profligate spending habits.
At present, the value of Bitcoin hovered near $61,862, representing a approximately 9% decrease over the last month. Nevertheless, it has experienced a robust growth of around 44% so far this year and an impressive surge of over 100% in the previous twelve months.
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2024-07-02 20:58