Speaking on CNBC’s Squawk Box, Mike Novogratz expressed confidence that the crypto industry will gain support from both major political forces in the United States. Some Democrats, especially Massachusetts Senator Elizabeth Warren, have criticized cryptocurrencies. However, most Democrats support the development of innovation and digital assets, the businessman said.
This means that favorable changes are inevitable in the market, regardless of the outcome of the November elections. Party differences should not hinder the development of digital assets, believes the CEO of Galaxy Digital.
“The frustration crypto companies have with the regulatory uncertainty in the US will dissipate over time. More and more lawmakers are beginning to recognize the economic benefits the country can gain from the development of cryptocurrencies. I am confident that the new presidential administration, regardless of its political affiliation, will pass legislation that will favor cryptocurrencies,” said Mike Novogratz.
Bitcoin will trade in the range of $55,000 to $73,000 in the near future, according to the founder of Galaxy Digital. Novogratz called Bitcoin one of the most important assets for any investment portfolio, given the current economic conditions. The businessman is concerned about the growing US debt and government spending, and in this financial environment, Bitcoin should provide protection against inflation.
Mike Novogratz recently suggested that Bitcoin will reach $100,000 by the end of the year, and this growth could be due to the growing interest of institutional investors in the first cryptocurrency.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
