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Galaxy Digital founder and CEO Mike Novogratz shared insights on the future of US crypto regulations during an interview on CNBC’s ‘Squawk Box.’ Novogratz, a prominent figure in the crypto industry, expressed optimism that positive regulations are on the horizon, regardless of the outcome of the upcoming election.
Positive Outlook on Crypto Legislation
Novogratz emphasized that crypto regulation in the US is likely to improve in the near future. He believes that the next administration will adopt a supportive stance towards the industry, fostering its growth. He stated, “I am not a single-issue voter and I do fundamentally believe crypto should be bipartisan. We cannot have one party that likes this and another party that doesn’t like it.”
“No matter who wins the next election, we’re going to get positive crypto legislation – I know that,” Novogratz said.
Shifting Regulatory Landscape
The current crypto regulatory landscape in the US is evolving. Novogratz pointed out that while some Democrats, such as Elizabeth Warren, have taken a negative stance, the majority are pro-innovation and pro-crypto. He remarked, “Most Democrats, outside of a small group, are pretty pro-innovation and pro-crypto. No matter who wins the next election, we are going to get positive crypto legislation.”
Bitcoin as a Core Holding
Discussing Bitcoin, Novogratz highlighted its potential as a core portfolio holding. Following the approval of Bitcoin ETFs, the price surged above $73k in March. Novogratz noted that Bitcoin is likely to stay within the $55k-$73k range until the market receives new significant news. He added, “It takes a while for things to digest,” referring to Bitcoin’s rise to its all-time high this year as a significant move.
Novogratz also commented on the US debt situation, stating that Bitcoin makes sense as a core holding, especially given the government’s spending habits. At the time of writing, Bitcoin traded around $61,862, down 9% over the past 30 days but up 44% year-to-date and 102% over the past year.
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