Galaxy Digital founder and CEO Mike Novogratz told CNBC’s ‘Squawk Box’ on Tuesday that the US crypto sector is headed for positive regulations regardless of who wins the upcoming election.
Mike Novogratz, one of the biggest crypto bulls, shared his outlook during an interview that touched on the current US political scene, Biden’s disastrous debate and crypto. The billionaire asserted that despite the current status of crypto regulation in the US, he believes the next regime will take a positive stance and help the industry grow.
“I am not a single issue voter and I do fundamentally believe crypto should be a bipartisan and needs to be bipartisan. We cannot have one party that likes this and another party that doesn’t like it,” Novogratz said.
Crypto regulatory landscape “shifting”
According to Novogratz, crypto is already largely a bipartisan issue in the US, with only a small group of Democrats taking a negative stance against this burgeoning industry. While it’s been frustrating, in terms of lack of regulatory clarity or the negative impact of government crackdown on the industry, Novogratz believes it’s “all shifting.”
“I’ll tell you that most Democrats, outside of Elizabeth Warren and a small group of people, are pretty pro-innovation and pro-crypto… Listen, no matter who wins the next election, we are going to get positive crypto legislation. I know that” he added.
Novogratz says BTC is a core holding
Commenting on Bitcoin following the ETF-buoyed upside that pushed prices above $73k in March, Novogratz referred back to earlier comments he shared about BTC price post-ETF approval. In his opinion, the benchmark cryptocurrency was likely to stay in the $55k-$73k range until the market got a dose of new news.
“It takes a while for things to digest,” he noted, adding that Bitcoin’s surge to its all-time high this year was “a huge move up.”
Novogratz believes BTC as a core portfolio holding makes sense, especially as the US debt balloons amid the government’s “spending like drunken sailors.”
Bitcoin traded around $61,862 at the time of writing, about 9% down in the past 30 days. However, its up 44% year-to-date and 102% in the past year.