Mike Novogratz, founder and CEO of Galaxy Digital, said on CNBC's “Squawk Box” on Tuesday that the U.S. cryptocurrency sector is headed for positive regulation regardless of who wins the next election.
One of the biggest crypto bulls, Mike Novogratz, shared his outlook during an interview that touched on the current US political climate, Biden's disastrous debate, and cryptocurrencies. The billionaire claimed that despite the current state of US crypto regulations, he is confident that the next administration will take a positive stance and help the industry grow.
“I'm not one to vote on specific issues, but I fundamentally believe cryptocurrency should be a bipartisan effort and needs to be a bipartisan effort. You can't have a situation where one party loves cryptocurrency and another party hates it,” Novogratz said.
The regulatory environment for cryptocurrencies is “changing”
According to Novogratz, cryptocurrency is already a near-bipartisan issue in the U.S., with only a small percentage of Democrats taking a negative stance toward the burgeoning industry. Despite the frustrating situation in terms of a lack of regulatory clarity and the negative impact of government crackdowns on the industry, Novogratz believes “that's all about to change.”
“Most Democrats, outside of Elizabeth Warren and a few others, are pretty pro-innovation and pro-crypto. No matter who wins the next election, there will be positive crypto legislation, I know that,” he added.
Novogratz says BTC is core holding
Novogratz was commenting on Bitcoin after its price surpassed $73,000 in March with the help of the ETF, referencing comments he made earlier about BTC price following the ETF's approval: In his opinion, the benchmark cryptocurrency is likely to remain in the $55,000 to $73,000 range until there is further news in the market.
“It's going to take a while for things to sink in,” he said, adding that bitcoin's surge to an all-time high this year has been a “huge upswing.”
Novogratz believes it makes sense to hold BTC as a core part of a portfolio, especially with the U.S. debt ballooning due to the government's “drunken spending.”
At the time of writing, Bitcoin is trading at around $61,862, down around 9% over the past 30 days, but is up 44% year-to-date and 102% over the past year.
