Mike Novogratz, Founder and CEO of Galaxy Digital Tell The cryptocurrency sector in the United States is headed toward positive regulation regardless of who wins the upcoming election, CNBC’s “Squawk Box” reported Tuesday.
Mike Novogratz, one of the biggest crypto bulls, shared his views during an interview that covered the current US political landscape, the disastrous Biden debate, and cryptocurrencies. The billionaire emphasized that despite the current state of crypto regulation in the US, he believes that the upcoming regime will take a positive stance and help the industry grow.
“I’m not a single-issue voter and I fundamentally believe that crypto should be bipartisan and should be bipartisan. We can’t have one party that likes this and another party that doesn’t,” Novogratz said.
The regulatory landscape for cryptocurrencies is “changing”
According to Novogratz, cryptocurrencies are already a bipartisan issue in the United States, with only a small group of Democrats taking a negative stance against the emerging industry. While it has been frustrating, in terms of the lack of regulatory clarity or the negative impact of a government crackdown on the industry, Novogratz believes that “everything is changing.”
“I will tell you that most Democrats, with the exception of Elizabeth Warren and a small group of people, are pro-innovation and pro-crypto,” he added. “Listen, no matter who wins the next election, we will get positive legislation for crypto. I know that.”
Bitcoin is a core holding, Novogratz says
Commenting on Bitcoin after the ETF rally that sent prices above $73,000 in March, Novogratz referred to previous comments he made about Bitcoin’s price after the ETF approval. In his view, the benchmark cryptocurrency is likely to remain in the $55,000 to $73,000 range until the market gets a dose of fresh news.
“It takes some time to digest,” he noted, adding that Bitcoin’s rise to an all-time high this year was a “huge step up.”
Novogratz believes that Bitcoin as a core asset in a portfolio makes sense, especially as the U.S. debt balloons amid “government spending like drunken sailors.”
At the time of writing, Bitcoin is trading at around $61,862, down about 9% over the past 30 days. However, it is up 44% year-to-date and 102% over the past year.