Mike Novogratz predicts positive crypto legislation regardless of election outcome
Mike Novogratz, CEO of Galaxy Digital BRPHF on Wednesday offered an optimistic outlook for cryptocurrency regulation in the United States.
What Happened: “No matter who wins the next election, we’re going to get positive crypto legislation, I know that,” Novogratz told CNBC in an interview.
The Galaxy CEO emphasized the importance of bipartisan support for crypto, saying, “I do fundamentally believe crypto should be bipartisan. It needs to be bipartisan. We can’t have one party that likes us and the other party that doesn’t.”
He noted that contrary to popular belief, most Democrats, with a few exceptions, are “pretty pro innovation and pro crypto.”
Novogratz expressed frustration with the current regulatory environment but highlighted a positive shift in attitudes.
“It’s been unbelievably frustrating. That said, that’s all shifting,” he remarked.
Addressing former President [Donald] Trump‘s recent advocacy for crypto, Novogratz suggested this was a case of “get with the program.”
“I’m not a single issue voter,” he added, underlining that support for crypto shouldn’t be the sole determinant in political choices.
Also Read: Why Is Bitcoin Down To $60K Today?
Why It Matters: On the topic of Bitcoin‘s BTC/USD current market position, Novogratz reiterated his previous prediction: “I think we were going to be in a $55, $73 [thousand] range until we got some new news. It takes a while for things to digest.”
He attributed Bitcoin’s continued relevance to ongoing government spending practices.
Criticizing both major political parties for their fiscal policies, Novogratz said, “I’ve never seen Donald Trump want to balance the budget. You know, he grew government spending just as widely as Joe Biden. I mean, these have been the two worst presidents in terms of increasing debt in the history of our country.”
Given this context of continued government spending and persistent populism on both sides of the political aisle, Novogratz said, “Until that changes, Bitcoin as a core holding makes all the sense in the world to me.”
The future of crypto legislation and its implications for the market will be key topics at Benzinga’s Future of Digital Assets event on Nov. 19.
Image: Shutterstock
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