Mike Novogratz: Regardless of U.S. Laws, Cryptocurrency Markets Have Been Robust This Yr

In an interview, Galaxy Digital CEO Mike Novogratz expressed confidence within the energy of the cryptocurrency market this yr.

Sellers are exhausted, Novogratz mentioned, with China easing restrictions and Hong Kong displaying a extra constructive angle towards digital belongings.

“I wouldn’t be stunned if the market spikes in three months, six months or 9 months,” Novogratz mentioned. Banks in China have been partaking straight with cryptocurrency companies in latest months, and Hong Kong regulators are internet hosting a gathering to assist crypto companies achieve entry to banking companies.

This stands in stark distinction to the regulatory crackdown in the US, the place regulators have warned banks of the elevated dangers related to doing enterprise with cryptocurrency companies.

Galaxy Digital, a listed and controlled firm within the cryptocurrency business, expects excessive prices for audits and authorized charges. The corporate has additionally doubled its mining capability because the starting of the yr.

Regardless of the regulatory challenges going through the business, Novogratz stays bullish on the way forward for cryptocurrencies. “The market tells you it desires to be a retailer of worth, a medium of trade, and it desires to be owned by millennials,” he mentioned.

As world curiosity in and adoption of digital belongings continues to extend, it stays to be seen how regulatory developments will form the way forward for the cryptocurrency market. For now, nonetheless, Novogratz’s bullish outlook suggests the market may proceed to strengthen this yr.