Billionaire Mike Novogratz is bullish about the crypto markets. Just a while back, he talked about the price of Bitcoin skyrocketing in the next 5 years. He also explained that the increased adoption of cryptocurrencies had been the prime reason for the rise in their value. Mike Novogratz also expects softer crypto regulation due to the rising popularity of cryptocurrencies. This means the future of crypto is going to be great in the United States.
Mike Novogratz on crypto regulation
The recent price action of Bitcoin has changed Mike’s outlook on the current market scenario. A while back, when BTC was struggling to break through the $40k – $45k range, Mike predicted that BTC would be stuck between $30k and $50k for the entire year. However, we have already reached $47k with the recent breakthrough of the $45k resistance. So, now he is more bullish about the markets.
Mike says that he assumed that the selling was happening because the money was supposed to be somewhere. However, it seems he was wrong. He also said that crypto adoption is rising, and even Janet Yellen has been much friendlier in her approach to regulation. She talked about the benefits of cryptocurrencies, saying that it is essential for transactions and investment for many Americans. She further said that they recognize that innovation in the payment industry is a good thing. In fact, many senators are even calling Mike to get his help on various topics on crypto.
This was bound to happen as Biden’s Executive Order has already outlined crypto as an important part of the economy. Mike also gave his take on the EO, saying that it was very interesting and the fact Elizabeth Warren and Gary Gensler were left out of it was great. This EO is bound to make adoption better, but we are still very early in the cycle.
About Mike Novogratz
Michael Edward Novogratz (November 26, 1964) is an American investor and former CEO of the Fortress Investment Group. He started his career at Goldman Sachs and is now the current CEO of Galaxy Investment Partners, specializing in bitcoin investments.
What are your thoughts as Mike Novogratz expects softer crypto regulation due to its popularity? And do you think the reason for this is the Executive Order? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.