Galaxy Digital CEO Mike Novogratz recently shared his optimistic outlook on the future of crypto regulation in the US, regardless of the outcome of the 2024 presidential election. He emphasized the importance of bipartisan support for the crypto sector, stating that it cannot thrive if only one party is in favor while the other opposes it. Despite opposition from lawmakers like Senator Elizabeth Warren, Novogratz believes that the majority of US politicians are leaning towards supporting innovation in the industry.
Novogratz acknowledged that regulatory clarity in the crypto space has been lacking, but he sees a positive shift towards a more favorable stance from government officials. He confidently stated that positive crypto legislation is inevitable, regardless of which party wins the next election. This comes at a time when crypto has become a significant issue for many voters, with recent surveys indicating that those involved in the industry are more likely to support politicians who are in favor of crypto.
In addition to discussing regulatory matters, Novogratz also touched upon Bitcoin’s recent market performance. He noted the significant price surge following the approval of Bitcoin ETFs, which propelled its price above $73,000 to a new all-time high in March. Looking ahead, Novogratz predicts that Bitcoin will trade within the $55,000 to $73,000 range until there is significant market-moving news. He emphasized that growth in the industry takes time and highlighted Bitcoin’s impressive climb to its current all-time high.
Novogratz continues to advocate for Bitcoin as a core component of investment portfolios, especially in light of the US government’s increasing debt and expenditure. At the time of writing, Bitcoin was trading around $62,000, showing a 9% decrease over the past month but boasting a 44% increase year-to-date and a 102% rise over the past year. The current market capitalization of Bitcoin is $1.22 trillion, with a 24-hour trading volume of $20.18 billion.
As of 12:47 am UTC on July 3, 2024, Bitcoin holds the top spot in terms of market cap, despite a 1.29% price decrease over the past 24 hours. The total crypto market is valued at $2.3 trillion, with a 24-hour trading volume of $51.21 billion. Bitcoin dominance currently stands at 53.22%, showcasing its dominance in the overall crypto market.
Mike Novogratz’s positive stance on the future of crypto regulation in the US reflects a broader shift towards bipartisan support for the industry. With ongoing discussions about regulatory clarity and Bitcoin’s market trends, it is evident that crypto is poised for continued growth and innovation in the coming years.
