Billionaire Mike Novogratz Says Myriad of Tailwinds To Imminently Boost Crypto Industry – Here’s His Outlook
Early Ethereum (ETH) investor Mike Novogratz says bullish conditions are starting to form for crypto, making him optimistic about the digital asset markets.
In a new discussion at the Global Alts conference, Novogratz says that most of the unknown risk in the crypto space has disappeared following the bear market and much of the debacles that came with it.
The billionaire says three factors are aligning to serve as tailwinds for the crypto markets including the possibility of regulatory clarity in the next year or so, the growing expectation that the Fed will begin to cut rates and the adoption of Bitcoin via spot market BTC exchange-traded funds (ETFs).
“We took a lot of the tail risks away and put a tailwind together. Now you’ve got a position where ‘What’s left to really get us going?’
Well, the US is still in a stalemate on regulation, but the optimism is there are 11 months left to an election, and no matter who wins, Democrats or Republicans, Gary Gensler is not going to be the SEC chair. You’re going to get some legislation, you’re going to get movement, and when I go to D.C., there is bipartisan agreement on two pieces of legislation. It’s being blocked by Elizabeth Warren and Gary Gensler and a few other players, but that will change.
So when I look at crypto now, when I look at the whole industry, I’m like ‘Hmm…’
We’re going to get regulation in the next 12-18 months, we’re going to have the Fed cutting rates, and we’ve got this new vehicle of adoption that is just getting started.
The ETF is two weeks old. Usually, ETFs get announced and they don’t start trading for six to seven weeks so it gives the sales forces a ton of time to go make their phone calls.
Now we’ve got nine big sales forces, huge sales forces that are selling Bitcoin, and that’s a big, big deal.”
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