Regulation
Galaxy’s Novogratz Says Crypto Will Get Favorable Regulation Regardless of Who Wins the Election
Digital Galaxy CEO Mike Novogratz predicted a favorable regulatory environment for cryptocurrencies in the United States, regardless of who wins the 2024 presidential election.
Speaking about the future of the cryptocurrency industry in an interview with CNBC, Novogratz stressed the importance of bipartisan support. He said:
“Cryptocurrencies should be a bipartisan issue. We can’t have one party supporting them and the other opposing them.”
Growing bipartisan consensus
Novogratz noted that despite opposition from some lawmakers, most notably Senator Elizabeth Warren, most U.S. politicians are willing to support innovation in the cryptocurrency space.
He stressed that despite the lack of regulatory clarity, there is a clear shift towards a more favorable position. According to Novogratz:
“Most Democrats, except for a small group, are pro-innovation and pro-crypto. Positive cryptocurrency legislation is inevitable, regardless of who wins the next election.”
Despite regulatory uncertainties, he predicted an optimistic future for the sector, saying:
“No matter who wins the next election, we will get positive cryptocurrency legislation, I know that.”
His comments come at a time of volatile change in the US political landscape, as cryptocurrencies have become a increasingly important question for many voters. Recent polls have shown that cryptocurrency users are more likely to vote for politicians who are perceived as being pro-crypto.
Bitcoin Performance
Novogratz also faced Bitcoin recent market trends, reflecting its significant increase following the approval of Bitcoin ETFs, whose price rose above $73,000, reaching a new all-time high in March.
He predicts that Bitcoin will trade in the $55,000 to $73,000 range until more news emerges that will move the market. He added that growth “takes time” and highlighted Bitcoin’s impressive rise to its all-time high this year.
Novogratz continues to advocate for Bitcoin as a key component of investment portfolios, especially in light of rising U.S. government debt and spending.
At the time of writing, Bitcoin is trading at around $62,000, down 9% from the previous month, but up 44% year-to-date and 102% year-over-year.
Bitcoin Market Data
As of press time 12:47 am UTC on July 3, 2024, Bitcoin It is ranked first by market capitalization and the price is down 1.29% in the last 24 hours. Bitcoin has a market capitalization of 1.22 trillion dollars with a 24-hour trading volume $20.18 billion. Learn more about Bitcoin ›
Cryptocurrency Market Summary
At press time, as of 12:47 UTC on July 3, 2024, the total cryptocurrency market value is valued at 2.3 trillion dollars with a volume of 24 hours $51.21 billionBitcoin’s dominance is currently at 53.22%. Learn more about the cryptocurrency market ›