Billionaire Mike Novogratz Says ‘People Have Realized Crypto Is Really Popular’ — Expects Softer Stance From Lawmakers – Regulation Bitcoin News

Mike Novogratz, a billionaire says that he’s much more positive about crypto markets now than he was one month ago. His explanation was that crypto adoption and bond sales have increased the price of bitcoin, especially Bitcoin. “I think you are going to see the Democrats taking a softer stance,” he added.

Mike Novogratz expects lawmakers to adopt a more soft-spoken stance on Crypto

Interview with CNBC Tuesday: Mike Novogratz from Galaxy Digital talked about how he feels more positive about the cryptocurrency market than he did six weeks or seven week ago. This is what the executive said:

Perhaps I was wrong in my belief that all the selling of fixed income meant money had to be somewhere.

The billionaire predicted earlier this month when BTC was struggling to break the $40,000 level that bitcoin’s price would range between $30,000 and $50,000 throughout the year. According to data from Bitcoin.com Markets bitcoin currently trades for $47,327 at the time of this writing.

Novogratz continued, “We certainly see increased adoption in crypto,” adding:

I mean Janet Yellen pivoted and was much more friendly to crypto than she’s ever been.

Janet Yellen, Treasury Secretary, admitted last week that crypto is a good investment. “Crypto has obviously grown by leaps and bounds and it’s now playing a significant role, not really so much in transactions, but in investment decisions of lots of Americans,” she said. “There are benefits from crypto and we recognize that the innovation in the payment system can be a healthy thing.”

“That’s basically politicians listening to their constituents and getting to the president. There was no magic there,” Novogratz opined.

“I’m getting calls from senator after senator. ‘Hey can you help educate, can you help me figure this out,’” the Galaxy Digital executive shared, elaborating:

Crypto is becoming very well-known, so I expect to see Democrats adopt a more relaxed stance.

He proceeded to comment on President Joe Biden’s executive order on crypto regulation. “It was very interesting in that presidential decree, there was no Elizabeth Warren’s or Gary Gensler’s voice in that thing, and they’ve been running crypto policy until then. That’s a positive,” Novogratz noted. Many people in the crypto space share his optimism, seeing Biden’s executive order as positive for the crypto space.

The billionaire, however, concluded that:

But mostly we are just seeing adoption: states saying they’ll take taxes, countries participating, sovereign wealth funds getting involved, pension funds getting involved.

“We’re still early in this adoption cycle, and I’m much more optimistic than I was even six or seven weeks ago,” he described.

What do you think about Mike Novogratz’s comments? Comment below to let us know your thoughts.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.