Galaxy Digital CEO Mike Novogratz has forecasted a good regulatory surroundings for cryptocurrencies within the US no matter who wins the 2024 presidential election final result.
Talking about the way forward for the crypto sector throughout a CNBC interview, Novogratz highlighted the significance of bipartisan help. He mentioned:
“Crypto must be a bipartisan challenge. We are able to’t afford to have one get together supporting it and the opposite opposing it.”
Rising Bipartisan Consensus
Novogratz famous that regardless of some opposition from sure lawmakers, most notably Senator Elizabeth Warren, nearly all of US politicians are inclined towards supporting innovation within the crypto trade.
He identified that whereas regulatory readability has been missing, there’s a noticeable shift in the direction of a extra favorable stance. In accordance with Novogratz:
“Most Democrats, other than a small group, are pro-innovation and pro-crypto. Constructive crypto laws is inevitable, regardless of who wins the subsequent election.”
Regardless of regulatory uncertainties, he predicted an optimistic future for the trade, saying:
“Regardless of who wins the subsequent election, we’re going to get constructive crypto laws – I do know that.”
His feedback come amid shifting tides throughout the US political panorama, as crypto has change into an more and more essential challenge for a lot of voters. Current surveys have proven that crypto customers usually tend to vote for politicians seen as favorable towards the trade.
Bitcoin efficiency
Novogratz additionally addressed Bitcoin’s current market developments, reflecting on its important rise following the approval of Bitcoin ETFs, which noticed its worth soar above $73,000 to a brand new all-time excessive in March.
He anticipates Bitcoin will commerce throughout the $55,000 to $73,000 vary till additional market-moving information surfaces. He added that development “takes time” and emphasised Bitcoin’s spectacular climb to its all-time excessive this yr.
Novogratz continues to advocate for Bitcoin as a core part of funding portfolios, significantly in gentle of the US authorities’s escalating debt and expenditure.
On the time of writing, Bitcoin was buying and selling at round $62,000, marking a 9% decline over the previous month however boasting a 44% improve year-to-date and a 102% rise over the previous yr.
On the time of press 12:47 am UTC on Jul. 3, 2024, Bitcoin is ranked #1 by market cap and the worth is down 1.29% over the previous 24 hours. Bitcoin has a market capitalization of $1.22 trillion with a 24-hour buying and selling quantity of $20.18 billion. Study extra about Bitcoin ›
On the time of press 12:47 am UTC on Jul. 3, 2024, the overall crypto market is valued at at $2.3 trillion with a 24-hour quantity of $51.21 billion. Bitcoin dominance is presently at 53.22%. Study extra concerning the crypto market ›
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