Galaxy Digital’s CEO predicted that cryptocurrency would alter the banking system, while Biden’s executive action has the potential to elevate the US to worldwide leadership in the digital asset area.
Michael Novogratz, a notable proponent of the bitcoin business, expressed his support for the industry. Digital assets and public blockchains, he believes, will “reshape the world in ways we cannot fathom.” Additionally, he anticipated that Vice President Biden’s executive action on cryptocurrency will benefit the industry.
While bitcoin and altcoins have struggled lately, Galaxy Digital CEO Mike Novogratz remains quite positive on the market. In a recent Twitter tweet, he predicted that cryptocurrency and blockchain technology will revolutionise the globe.
This is not the first time Novogratz has made such a statement. He suggested last year that digital assets are the financial network’s future. He was critical of central banks and treasury departments for printing massive quantities of fiat currency during the epidemic, thus propping up inflation rates that had soared dramatically. On the contrary, he claimed, people want tangible assets like as real estate, gold, and “definitely crypto” in order to safeguard themselves from the unpleasant repercussions of mass printing.
Galaxy Digital’s CEO also made reference to Vice President Joe Biden’s executive action on cryptocurrency. He called the decision as a “welcomed administration involvement” that might pave the way for the United States to become the worldwide leader in the digital asset universe.
He encouraged financial regulators to enact a comprehensive regulatory framework that would enable “crypto to thrive in the United States and grow globally in a way compatible with democratic norms.”
Keep an eye out for Jerome Powell
At the end of 2021, Galaxy Digital’s CEO expressed concern that the Federal Reserve’s Chairman – Jerome Powell – may stifle the cryptocurrency business. Novogratz argues that the latter lacked an understanding of the United States’ political and economic realities. As such, he has the potential to stymie the growth of not just the digital asset business, but also conventional financial markets:
“Inflation is manifesting itself in rather negative ways in the United States. As a result, we can see that the Fed will have to move a bit quicker… This would cause all assets to slow down. It would have a detrimental effect on the Nasdaq. It would impede crypto if we were forced to raise rates considerably quicker than anticipated.”
It’s worth mentioning that the United States’ current inflation rate is almost 8%. This is the highest level recorded in the nation in the previous 40 years.
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