Galaxy Digital CEO Michael Novogratz said that cryptocurrencies such as Bitcoin have rebounded due to the purchase of institutional investors. In response to U.S. Senator Elizabeth Warren’s anti-crypto stance, he said, “We need to do better in Washington” to educate lawmakers.
Novogratz said the agency is buying
Mike Novogratz, CEO of Galaxy Digital, talked about the prospects of Bitcoin in an interview with CNBC on Wednesday.
Someone asked him what he thought of the price trend of Bitcoin and what he thought was driving the price of cryptocurrency back to the level of $40,000. The executive supporting Bitcoin replied:
As institutions are buying, cryptocurrencies have rebounded.
He uses the FTX exchange as an example. The exchange recently raised $900 million from more than 60 investors, bringing the company’s valuation to $18 billion. Investors include SoftBank Group, venture capital firm Sequoia Capital, private equity giant Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family and British hedge fund manager Alan Howard.
Novogratz refutes that the price increase is due to Amazon’s possible Accept cryptocurrency Payment.
He emphasized that institutions are one of the smartest investors in the world and they are participating in the crypto field. He said:
This sends a signal to the entire crypto market that this situation will not go away.
“This is partly a big rebound from short covering, partly an admission that this is a real market where no progress will be made,” said the CEO of Galaxy Digital.
Novogratz was also asked about cryptocurrency regulation and what it might look like in the United States, especially in warn Senator Elizabeth Warren.
Warren warned on Tuesday that bitcoin price fluctuations put retail investors and businesses accepting bitcoin payments at risk. In addition, she claims that individuals who use Bitcoin as currency are criminals.
Regarding Senator Warren’s remarks on cryptocurrencies, the CEO of Galaxy Digital believes that:
disappointing. She is arrogant. She is triumphant. Really disappointed that she didn’t do any work. This is an advanced technology. She should be a progressive person.
“Cryptocurrency is catching up with tenants. If you look at the definition [decentralized finance]. If you look at NFT [non-fungible token] revolution. It will empower artists and creators, not the people who used to make money from them. So, it’s really frustrating and disappointing,” he continued, adding:
It just tells us… we need to do better and go to Washington for education [lawmakers].
Novogratz also responded to Warren’s anti-cryptocurrency stance on Twitter on Tuesday.
“The bank charged $12 billion in overdraft fees, a lot of ATM fees, and a lot of checking account fees. But you continue to pursue encryption, where savings and remittances are only a small part of the bank. Senator Warren did a good job. In my opinion Come on, you really haven’t made that much progress,” he wrote on Twitter:
If the bank had the transparency of the defi agreement, we would not have a mortgage crisis. Defi will win because it is better.
“Atomic resolution. Bearer assets. Composability. Transparency. We only need to resolve the upcoming KYC. We need to educate our politicians,” he concluded.
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