Galaxy Digital CEO Mike Novogratz has predicted a favorable regulatory environment for cryptocurrencies in the US regardless of who wins the outcome of the 2024 presidential election.
During a CNBC interview about the future of the crypto sector, Novogratz emphasized the importance of bipartisan support. He said:
“Crypto should be a bipartisan issue. We cannot afford to have one party support it and the other oppose it.”
Growing consensus between both parties
Novogratz noted that despite some opposition from certain lawmakers, most notably Senator Elizabeth Warren, the majority of US politicians tend to support innovation in the crypto industry.
He pointed out that while there is a lack of regulatory clarity, there is a noticeable shift towards a more favorable position. According to Novogratz:
“Most Democrats, apart from a small group, are pro-innovation and pro-crypto. Positive crypto legislation is inevitable, regardless of who wins the next election.”
Despite regulatory uncertainties, he predicted an optimistic future for the sector:
“No matter who wins the next election, we will get positive crypto legislation – I know that.”
His comments come amid shifting tides within the American political landscape, as crypto has become an increasingly important issue for many voters. Recent studies have shown that crypto users are more likely to vote for politicians who are perceived as favorable to the sector.
Bitcoin performance
Novogratz also addressed Bitcoin’s recent market trends, reflecting on its significant rise following the adoption of Bitcoin ETFs, which saw its price rise above $73,000 in March to a new all-time high.
He expects Bitcoin to trade in the $55,000 to $73,000 range until more market-moving news emerges. He added that growth “takes time” and highlighted Bitcoin’s impressive climb to its all-time high this year.
Novogratz continues to advocate for Bitcoin as a core component of investment portfolios, especially in light of escalating US government debt and spending.
At the time of writing, Bitcoin was trading around $62,000, down 9% in the past month, but up 44% since the beginning of the year and up 102% over the past year.
Bitcoin Market Data
At the time of printing 00:47 UTC on July 3, 2024Bitcoin is number 1 in terms of market capitalization and so is its price down 1.29% in the last 24 hours. Bitcoin has a market capitalization of $1.22 trillion with a 24-hour trading volume of $20.18 billion. Learn more about Bitcoin ›
Summary of the crypto market
At the time of printing 00:47 UTC on July 3, 2024the total crypto market is valued at € $2.3 trillion with a 24-hour volume of $51.21 billion. Bitcoin’s dominance currently stands at 53.22%. Learn more about the crypto market ›