Mike Novogratz, speaking on CNBC's Squawk Box program, expressed confidence that the crypto industry will enlist the support of both major US political forces. Some Democrats, especially Massachusetts Senator Elizabeth Warren, criticize cryptocurrencies. However, most Democrats support the development of innovation and digital assets, the businessman says.
This means that favorable changes are inevitable in the market, regardless of the outcome of the November elections. Partisan differences should not hinder the development of digital assets, believes the CEO of Galaxy Digital.
"The frustration of crypto companies caused by the uncertainty with regulation in the United States will dissipate over time. There are more and more legislators who are beginning to realize the economic benefits that the country can receive from the development of cryptocurrencies. I am sure that the administration of the new president, regardless of his political affiliation, will adopt legislation that will have a positive impact on cryptocurrencies," Mike Novogratz announced.
In the near future, bitcoin will trade in the range of $55,000 to $73,000, according to the founder of Galaxy Digital. Novogratz called bitcoin one of the most important assets for any investment portfolio, given the prevailing 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 by the end of the year, the bitcoin exchange rate will reach $100,000, and this growth may be due to the growing interest of institutional investors in the first cryptocurrency.