Crypto Will Reshape the World: Novogratz Comments on Biden’s Executive Order

The prominent supporter of the cryptocurrency industry – Michael Novogratz – reiterated his stance towards the industry. In his view, digital assets and public blockchains will “reshape the world in ways we can’t imagine.” In addition, he predicted that Biden’s executive order on cryptocurrencies will positively affect the sector.

The US Could Become a Crypto Leader

Even though bitcoin and altcoins are not performing so well recently, Galaxy Digital’s CEO – Mike Novogratz – remains highly bullish on the industry. In his most recent Twitter post, he forecasted that crypto and blockchain technology will transform the world.

This is not the first time Novogratz says something of this kind. Last year, he argued that digital assets represent the future of the financial network. He opposed central banks and treasury departments, which printed colossal amounts of fiat currencies during the pandemic, essentially propping up inflation rates significantly surged. On the contrary, people need hard assets such as real estate, gold, and ”certainly crypto” to protect themselves from the harsh consequences of mass printing, he suggested.

Galaxy Digital’s CEO touched upon Joe Biden’s executive order on cryptocurrencies, too. He described the directive as a “welcomed engagement from the administration,” which could create an opportunity for the USA to become the global leader in the digital asset universe.

Specifically, he urged the financial watchdogs to implement a comprehensive regulatory framework that allows “crypto to flourish in the US and develop around the world in a manner consistent with democratic values.”

Mike Novogratz. Source: CNBC

Beware of Jerome Powell

At the end of 2021, Galaxy Digital’s boss opined that the Fed’s Chair – Jerome Powell – could slow down the cryptocurrency industry. Novogratz believes that the latter failed to understand the political and economic reality of the United States. As such, he could slack the development not only of the digital asset industry, but also of traditional financial markets:

“We have inflation showing up, you know, in pretty bad ways in the US. So, we can see, is the Fed going to have to move a little faster … That would slow all assets down. It would slow the Nasdaq down. It would slow crypto down if we have to start raising rates much faster than we thought.”

It is worth noting that the current inflation rate in the States is almost 8%. This level is the highest registered in the last 40 years in the country.