Galaxy Digital CEO Mike Novogratz predicts a good regulatory surroundings for cryptocurrencies in the US no matter who wins the 2024 presidential election.
Talking about the way forward for the cryptocurrency sector in an interview with CNBC, Novogratz emphasised the significance of bipartisan help.
“Cryptocurrency needs to be a bipartisan challenge. It can’t be that one social gathering helps it and the opposite social gathering opposes it.”
Rising bipartisan consensus
Novogratz famous that almost all of U.S. politicians are inclined to help innovation within the cryptocurrency trade, regardless of opposition from some lawmakers, together with Sen. Elizabeth Warren.
He famous that whereas there’s a lack of regulatory readability, there’s a clear shift towards extra favorable attitudes.
“Other than a small group, most Democrats help innovation and cryptocurrency. Regardless of who wins the subsequent election, constructive cryptocurrency laws is inevitable.”
Regardless of regulatory uncertainty, he predicted an optimistic future for the trade, saying:
“Regardless of who wins the subsequent election, there can be constructive cryptocurrency laws. I do know that.”
His feedback come amid shifting tides within the U.S. political panorama as cryptocurrencies turn into an more and more essential challenge for a lot of voters, with latest surveys exhibiting that crypto customers usually tend to vote for politicians perceived as pleasant to the trade.
Bitcoin Efficiency
Novogratz additionally touched on Bitcoin's latest market efficiency, reviewing its huge rise following the approval of a Bitcoin ETF, which despatched the cryptocurrency's worth to a brand new all-time excessive above $73,000 in March.
He expects Bitcoin to commerce within the $55,000 to $73,000 vary till there may be extra market-moving information. He added that development “will take time,” highlighting Bitcoin's spectacular rise to an all-time excessive this 12 months.
Novogratz continues to advocate for Bitcoin as a core part of funding portfolios, particularly in mild of the U.S. authorities's rising debt and spending.
On the time of writing, Bitcoin is buying and selling at round $62,000, down 9% over the previous month however nonetheless up 44% year-to-date and 102% over the previous 12 months.
Bitcoin Market Information
At time of writing 12:47 AM, July 3, 2024 (UTC)Bitcoin is ranked primary by market capitalization and its worth is underneath 1.29% Bitcoin's market capitalization within the final 24 hours $1.22 trillion 24 hour buying and selling quantity $20.18 billionStudy extra about Bitcoin ›
Cryptocurrency Market Overview
At time of writing 12:47 AM, July 3, 2024 (UTC)the worth of the whole cryptocurrency market is $2.3 trillion Buying and selling quantity per 24 hours $51.21 billionBitcoin dominance now 53.22%Study extra in regards to the cryptocurrency market ›
