Crypto Can Reshape The World: Novogratz On Biden’s Executive Order

Crypto can reshape the world according to Galaxy Digital founder Mike Novogratz who commented on the latest Biden executive order on crypto so let’s find out more in today’s latest cryptocurrency news.

The supporter of the crypto industry Michael Novogratz, reiterated the stance towards the industry and according to him, the digital asses and public blockchains and crypto can reshape the world in ways we can’t even imagine. He also predicted that Biden’s executive order on crypto will affect the sector positively. Even though altcoins and bitcoin are not performing quite well recently, Galaxy Digital CEO Mike Novogratz remained bullish on the industry, and in his most recent Twitter post, he predicted that blockchain and crypto can transform the world.

This is not the first time that Novogratz said something of this kind. He even argued that digital assets are the future of the financial network. He opposed the central banks and the treasury departments that printed colossal amounts of fiat during the pandemic and propped up inflation rates surged. On the contrary, people need hard assets like gold, real estate, and crypto to protect themselves from the harsh consequences of mass printing as he suggested.

Galaxy Digital’s CEO also commented on Joe Biden’s executive order on crypto and described the directive as a welcomed engagement from the administration that can create an opportunity for the USA to become the main leader in the crypto space. He urged the financial watchdogs to implement a regulatory framework that allows crypto to flourish in the US and develop in a manner consistent with democratic values.

At the end of 2021, Galaxy Digital’s founder noted that the Fed’s Chair can also slow down the crypto industry. Novogratz thinks that the latter failed to understand the political reality in the US and could slack the development for the industry but also for the 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 inflation rate in the US is about 8% and the level is the highest registered in the past 40 years.