Regulation
Cryptocurrencies will get positive regulation ‘regardless of who wins’ the election
Mike Novogratz, Founder and CEO of Galaxy Digital said On Tuesday, CNBC’s “Squawk Box” claimed that the U.S. cryptocurrency industry is headed toward positive regulation, regardless of who wins the next election.
Mike Novogratzone of the biggest cryptocurrency bulls, shared his perspective in an interview that touched on the current US political scene, Biden’s disastrous debate, and cryptocurrencies. The billionaire said that despite the current state of cryptocurrency regulation in the United Statesbelieves that the next regime will take a positive stance and help the sector grow.
“I’m not a one-party voter, and I fundamentally believe that cryptocurrency needs to be bipartisan and it has to be bipartisan. We can’t have one party that likes it and another party that doesn’t like it,” Novogratz said.
Cryptocurrency Regulatory Landscape “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 on the burgeoning industry. While it’s been 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 pro-innovation and pro-crypto… Listen, no matter who wins the next election, we are going to get positive cryptocurrency legislation. I know that,” he added.
Novogratz Says BTC Is a Crucial Investment
Commenting on Bitcoin following the ETF-led rally that pushed prices above $73,000 in March, Novogratz referenced previous comments he had shared on BTC’s price after the ETF was approved. In his view, the benchmark cryptocurrency was likely to stay in the $55k-$73k range until the market received a dose of new news.
“It takes a little bit of time for things to sink in,” he noted, adding that Bitcoin’s surge to an all-time high this year was “a huge move higher.”
Novogratz believes that BTC as a core portfolio investment makes sense, especially as US debt balloon due to government “drunken sailor spending.”
Bitcoin is trading at around $61,862 at the time of writing, down about 9% over the past 30 days. However, it is up 44% year-to-date and 102% over the past year.