Billionaire Mike Novogratz says he is much more optimistic about the crypto market now than he was a month ago. He explained that bond sell-offs and increased crypto adoption have boosted the prices of cryptocurrencies, particularly bitcoin. “I think you are going to see the Democrats taking a softer stance,” he added.
Mike Novogratz Expects Lawmakers to Take a Softer Stance on Crypto
Galaxy Digital CEO Mike Novogratz talked about why he is more optimistic about the crypto market now than he was six or seven weeks ago in an interview with CNBC Tuesday. The executive explained:
Maybe what I got wrong was with all this selling in fixed income that money has got to go somewhere.
The billionaire predicted earlier this month when BTC was struggling to break the $40,000 level that bitcoin’s price would range between $30,000 and $50,000 throughout the year. At the time of writing, bitcoin is trading at $47,327 based on data from Bitcoin.com Markets.
Novogratz continued, “We certainly see increased adoption in crypto,” adding:
I mean Janet Yellen pivoted and was much more friendly to crypto than she’s ever been.
Last week, Treasury Secretary Janet Yellen admitted that crypto has benefits. “Crypto has obviously grown by leaps and bounds and it’s now playing a significant role, not really so much in transactions, but in investment decisions of lots of Americans,” she said. “There are benefits from crypto and we recognize that the innovation in the payment system can be a healthy thing.”
“That’s basically politicians listening to their constituents and getting to the president. There was no magic there,” Novogratz opined.
“I’m getting calls from senator after senator. ‘Hey can you help educate, can you help me figure this out,’” the Galaxy Digital executive shared, elaborating:
People have realized crypto is very popular, and I think you are going to see the Democrats taking a softer stance.
He proceeded to comment on President Joe Biden’s executive order on crypto regulation. “It was very interesting in that presidential decree, there was no Elizabeth Warren’s or Gary Gensler’s voice in that thing, and they’ve been running crypto policy until then. That’s a positive,” Novogratz noted. Many people in the crypto space share his optimism, seeing Biden’s executive order as positive for the crypto space.
However, the billionaire concluded:
But mostly we are just seeing adoption: states saying they’ll take taxes, countries participating, sovereign wealth funds getting involved, pension funds getting involved.
“We’re still early in this adoption cycle, and I’m much more optimistic than I was even six or seven weeks ago,” he described.
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