An outstanding supporter of the cryptocurrency industry – Michael Novogratz – confirmed his position in relation to the industry. In his opinion, digital assets and public blockchains “will change the world in ways we cannot imagine.” In addition, he predicted that Biden’s decree on cryptocurrencies would have a positive impact on the sector.
USA may become the crypto leader
Even though bitcoin and altcoins have not been doing so well lately, Galaxy Digital CEO Mike Novogratz remains bullish on the industry. On my latest Twitter messagehe predicted that cryptography and blockchain technologies would change the world.
This is not the first time Novogratz has said something like this. Last year, he argued that digital assets represent the future of the financial web. He has spoken out against central banks and treasuries that have been printing colossal amounts of fiat currencies during the pandemic, essentially keeping inflation going strong. On the contrary, people need hard assets such as real estate, gold and “cryptocurrency, of course” to protect themselves from the harsh effects of mass printing, he suggested.
The CEO of Galaxy Digital also touched on Joe Biden’s crypto-currency executive order. He described the directive as “welcome administration involvement” that could give the US the opportunity to become a global leader in the digital asset universe.
In particular, he urged financial watchdogs to implement a comprehensive regulatory framework that will allow “cryptocurrency to flourish in the US and develop globally in accordance with democratic values.”
Mike Novogratz. Source: CNNBC.
Beware Jerome Powell
At the end of 2021, the head of Galaxy Digital expressed the opinion that Fed Chairman Jerome Powell could slow down the development of the cryptocurrency industry. Novogratz believes that the latter failed to understand the political and economic reality of the United States. Thus, he could slow down the development of not only the digital asset industry, but also traditional financial markets:
“We have inflation, you know, in the US in a pretty bad way. So, we see that the Fed will have to move a little faster… It will slow down all assets. This will slow down the Nasdaq. It will slow down crypto if we have to start raising rates much faster than we thought.”
It is worth noting that the current inflation rate in the United States is almost 8%. This level is the highest recorded in the last 40 years in the country.
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