Michael Novogratz, a prominent supporter for the cryptocurrency industry, reiterated his support. He believes that digital assets and public Blockchains will “reshape our world in ways that we can’t envision.” Additionally, he predicts that Biden’s executive orders on cryptocurrency will have a positive impact on the sector.
The US could be a crypto leader
Although bitcoin and other altcoins have not performed well in recent times, Galaxy Digital CEO Mike Novogratz remains bullish about the industry. He predicted that blockchain and crypto technology would transform the world in his latest tweet.
Novogratz has made similar statements before. He argued last year that digital assets are the future of the financial system. He was against central banks and treasury department, which printed huge amounts of fiat currency during the pandemic. This essentially supported inflation rates that significantly increased. He suggested that people should have hard assets like real estate and gold to avoid the negative consequences of mass printing.
Galaxy Digital’s CEO also mentioned Joe Biden’s executive order regarding cryptocurrencies. He called the directive a “welcomed engagement by the administration”, which could open up the possibility for the USA becoming the global leader in digital asset universe.
He specifically urged financial watchdogs for a comprehensive regulatory framework to allow “crypto to thrive in the US” and to develop around the globe in accordance with democratic values.
Mike Novogratz. Source: CNBC
Jerome Powell is a danger
Galaxy Digital’s boss stated that Jerome Powell, the Fed Chair, could slow down cryptocurrency’s growth at the end of 2021. Novogratz believes the former failed to grasp the economic and political realities of the United States. He could not stop the development of digital assets, nor traditional financial markets.
“Inflation is rising in the US in very bad ways. We can see that the Fed will need to move faster… This would slow down all assets. It would slow down the Nasdaq. If we need to raise rates faster than we anticipated, it would slow down crypto.
It is worth noting, however, that the current inflation rate for the United States is just 8%. This is the highest level in 40 years.
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