{"id":10182,"date":"2021-07-29T01:54:06","date_gmt":"2021-07-29T01:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/mike-novogratz-says-institutions-are-buying-bitcoin-politicians-need-more-crypto-education\/"},"modified":"2021-07-29T01:54:06","modified_gmt":"2021-07-29T01:54:06","slug":"mike-novogratz-says-institutions-are-buying-bitcoin-politicians-need-more-crypto-education","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/mike-novogratz-says-institutions-are-buying-bitcoin-politicians-need-more-crypto-education\/","title":{"rendered":"Mike Novogratz Says Institutions Are Buying Bitcoin, Politicians Need More Crypto Education"},"content":{"rendered":"

Galaxy Digital CEO Michael Novogratz says that cryptocurrencies, such as bitcoin, have bounced back because institutional investors are buying. Responding to U.S. Senator Elizabeth Warren\u2019s anti-crypto stance, he stated, \u201cWe need to do a much better job going to D.C.\u201d to educate lawmakers.<\/strong><\/p>\n

Novogratz Says Institutions Are Buying<\/h2>\n

Galaxy Digital CEO Mike Novogratz talked about the outlook for bitcoin in an interview with CNBC Wednesday.<\/p>\n

He was asked how he sees bitcoin\u2019s price action and what he thinks has been driving the price of the cryptocurrency back to the $40,000 level. The pro-bitcoin executive replied:<\/p>\n

Crypto has bounced back because institutions are buying.<\/p>\n

He brought up the FTX exchange as an example. The exchange recently raised $900 million from more than 60 investors, putting the company\u2019s valuation at $18 billion. Investors included Softbank Group Corp., venture capital firm Sequoia Capital, private equity giant Thoma Bravo, Daniel Loeb\u2019s Third Point, the Paul Tudor Jones family, and British hedge fund manager Alan Howard.<\/p>\n

Novogratz dismissed the explanation that the price hike was due to the news that Amazon may be accepting cryptocurrency<\/a> payments.<\/p>\n

Emphasizing that institutions are some of the smartest investors in the world and they are participating in the crypto space, he said:<\/p>\n

That sent a signal to the whole crypto market that this isn\u2019t going away.<\/p>\n

\u201cThis was partly a big short-covering rally and partly recognition that this is a real market that isn\u2019t going anywhere,\u201d said the Galaxy Digital CEO.<\/p>\n

Novogratz was also asked about cryptocurrency regulation and what it could potentially look like in the U.S. particularly after the warnings<\/a> by Senator Elizabeth Warren.<\/p>\n

Warren warned Tuesday that bitcoin\u2019s price fluctuations put retail investors and businesses that accept bitcoin payments at risk. In addition, she claimed that individuals who use bitcoin as money are criminals.<\/p>\n

Regarding Senator Warren\u2019s remarks about cryptocurrencies, the Galaxy Digital CEO opined:<\/p>\n

It was disappointing. She was supercilious. She was smug. Really disappointed she hadn\u2019t done any work. This is a progressive technology. She is supposed to be a progressive.<\/p>\n

\u201cCrypto goes after the rent takers. If you look at defi [decentralized finance]. If you look at the NFT [non-fungible token] revolution. It\u2019s going to empower artists and creators over the people that used to make money off their backs. So, really frustrating and disappointing,\u201d he continued, adding:<\/p>\n

It just tells us \u2026 We need to do a much better job going to D.C. and educate [lawmakers].<\/p>\n

<\/p>\n

Novogratz also responded to Warren\u2019s anti-cryptocurrency stance on Twitter Tuesday.<\/p>\n

\u201cBanks charged $12 billion in overdraft fees, a fortune in ATM fees, a fortune in checking account fees. But you keep going after crypto where saving and money transfer is a fraction of banks. Good job Senator Warren. You really don\u2019t seem so progressive to me,\u201d he tweeted, elaborating:<\/p>\n

If banks had the transparency of defi protocols, we would not have had the mortgage crisis. Defi will win because it\u2019s better.<\/p>\n

\u201cAtomic settlement. Bearer assets. Composability. Transparency. We just need to solve for KYC which is coming. We need to educate our politicians,\u201d he concluded.<\/p>\n

What do you think about Novogratz\u2019s comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, Crypto education, Elizabeth Warren, Michael Novogratz, Mike Novogratz, mike novogratz elizabeth warren, senator elizabeth warren, US Lawmakers, us politicians<\/p>\n","protected":false},"excerpt":{"rendered":"

Galaxy Digital CEO Michael Novogratz says that cryptocurrencies, such as bitcoin, have bounced back because institutional investors are buying. Responding to U.S. Senator Elizabeth Warren\u2019s anti-crypto stance, he stated, \u201cWe need to do a much better job going to D.C.\u201d to educate lawmakers. Novogratz Says Institutions Are Buying Galaxy Digital CEO Mike Novogratz talked about…<\/p>\n","protected":false},"author":0,"featured_media":10183,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10182"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10182"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10183"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}