Galaxy’s Novogratz says crypto will get favorable regulation regardless of who wins elections

Galaxy Digital CEO Mike Novogratz has forecasted a favorable regulatory environment for cryptocurrencies in the US regardless of who wins the 2024 presidential election outcome.

Speaking about the future of the crypto sector during a CNBC interview, Novogratz highlighted the importance of bipartisan support. He said:

“Crypto should be a bipartisan issue. We can’t afford to have one party supporting it and the other opposing it.”

Growing Bipartisan Consensus

Novogratz noted that despite some opposition from certain lawmakers, most notably Senator Elizabeth Warren, the majority of US politicians are inclined toward supporting innovation in the crypto industry.

He pointed out that while regulatory clarity has been lacking, there is a noticeable shift towards a more favorable stance. According to Novogratz:

“Most Democrats, apart from a small group, are pro-innovation and pro-crypto. Positive crypto legislation is inevitable, no matter who wins the next election.”

Despite regulatory uncertainties, he predicted an optimistic future for the industry, saying:

“No matter who wins the next election, we’re going to get positive crypto legislation – I know that.”

His comments come amid shifting tides within the US political landscape, as crypto has become an increasingly important issue for many voters. Recent surveys have shown that crypto users are more likely to vote for politicians seen as favorable toward the industry.

Bitcoin performance

Novogratz also addressed Bitcoin’s recent market trends, reflecting on its significant rise following the approval of Bitcoin ETFs, which saw its price soar above $73,000 to a new all-time high in March.

He anticipates Bitcoin will trade within the $55,000 to $73,000 range until further market-moving news surfaces. He added that growth “takes time” and emphasized Bitcoin’s impressive climb to its all-time high this year.

Novogratz continues to advocate for Bitcoin as a core component of investment portfolios, particularly in light of the US government’s escalating debt and expenditure.

At the time of writing, Bitcoin was trading at around $62,000, marking a 9% decline over the past month but boasting a 44% increase year-to-date and a 102% rise over the past year.

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