Michael Novogratz Reveals Why White House Changed Stance on Cryptocurrencies
Michael Novogratz, the CEO of Galaxy Digital and a prominent cryptocurrency investor, recently shared his insights on why the White House administration has shifted its position on cryptocurrencies. In an interview with CNBC, he explained that Democrats have realized the importance of the growing number of cryptocurrency owners as key voting group, especially in crucial states where election results hang in the balance.
Novogratz pointed out that Republicans tend to support cryptocurrencies, while Democrats have been more skeptical. With around 85 million cryptocurrency owners in the US, politicians are now recognizing the influence of this voting bloc and the need to appeal to their interests.
He speculated that the White House may have influenced the SEC Chairman, Gary Gensler, to reconsider his stance on ether spot ETFs, indicating a potential shift in the administration’s approach to cryptocurrency regulations.
Novogratz emphasized the importance of bipartisan cooperation in regulating cryptocurrencies to foster a stable and thriving market. He also expressed optimism about the future of bitcoin, predicting that its price is unlikely to drop below $50,000.
