Cryptocurrencies could reshape the world, according to Galaxy Digital founder Mike Novogratz, who reviews Biden's latest executive order on cryptocurrencies, so let's learn more in today's latest cryptocurrency news.
Michael Novogratz, a supporter of the cryptocurrency industry, reiterated his position on the industry, according to which digital assets and public blockchains and cryptocurrencies can reshape the world in ways we cannot even imagine. He also predicted that Biden's executive order on cryptocurrencies will have a positive impact on the industry. Despite the recent poor performance of cottage coins and bitcoin, Galaxy Digital CEO Mike Novogratz remains bullish on the industry, predicting in his recent Twitter post that blockchain and cryptocurrencies could change the world.
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This is not the first time Novogratz has said such things. He even thinks digital assets are the future of financial networks. He opposes central banks and finance ministries printing massive amounts of fiat money and propping up soaring inflation during the pandemic. Instead, as he suggests, people need hard assets like gold, real estate and cryptocurrencies to protect themselves from the dire consequences of mass printing.
The CEO of Galaxy Digital also reviewed Joe Biden's executive order on cryptocurrencies and described the directive as a welcome engagement by the government that could create opportunities for the U.S. to become a major leader in the cryptocurrency space. He urged financial regulators to implement a regulatory framework that would allow cryptocurrencies to flourish in the U.S. and develop in a manner consistent with democratic values.
At the end of 2021, the founder of Galaxy Digital pointed out that the chairman of the Federal Reserve could also slow down the growth of the cryptocurrency industry. Novogratz argues that the latter's failure to understand the political realities of the United States could slow down the industry, as well as traditional financial markets.
“You know, we’ve got inflation coming in a very bad way in the United States. So we can see if the Fed is going to have to move faster …… which will slow down all assets. This will slow down the Nasdaq. If we have to start rising faster than we think, that will slow down the cryptocurrencies.”
It is worth noting that inflation in the U.S. is around 8%, the highest level in the last 40 years.