The CEO of crypto investment firm Galaxy Digital says Democrats are changing their tune on crypto as the 2024 US presidential election approaches.
In a new interview with CNBC’s Squawk Box, Mike Novogratz says the Biden administration is listening to the markets and shifting its stance on crypto.
“But assuming the market is right, and the market is usually pretty smart, it feels like someone in the Biden White House called and said, guys, we can’t be the anti-crypto party anymore.
I think this is a seismic shift. If those things actually happen, prices will be much higher than here.”
When asked to clarify the meaning of his speculation, Novogratz doubled down and said Democrats don’t want crypto to cost them the election.
“I sense a widespread shift among Democrats who don’t want crypto to be a major election issue. The crypto super PACs (Political Action Committees) have raised more than $150 million and have targeted Sherrod Brown and Jon Tester, elections of great importance to Democrats in swing states, in vulnerable Senate seats.
Crypto must be twofold. And honestly, if our sector wants to do well, there has to be a bipartisanship. And it was actually Elizabeth Warren and a small group of people who held the Democrats hostage on this issue. What the Senate said in broad terms, with Chuck Schumer being the Senate leader who voted against Elizabeth, was enough, enough. Like, this is going to be stupid.
And so I feel a real shift.”
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Featured image: Shutterstock/Vadim Sadovski/Fotomay