Mike Novogratz: Regardless of US Rules, Cryptocurrency Markets Have Been Robust This 12 months

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

Sellers are exhausted, Novogratz stated, with China easing restrictions and Hong Kong displaying a extra optimistic angle in direction of digital belongings.

“I would not be shocked if the market peaked in three months, six months, or 9 months,” Novogratz stated. Banks in China have engaged straight with cryptocurrency corporations in current months, and Hong Kong regulators are internet hosting a gathering to assist crypto corporations entry banking providers.

This stands in stark distinction to the regulatory crackdown in the US, the place regulators have warned banks of the heightened dangers related to coping with cryptocurrency corporations.

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 begin of the yr.

Regardless of the regulatory challenges going through the business, Novogratz stays optimistic about the way forward for cryptocurrencies. “The market tells you that it desires to be a retailer of worth, a medium of trade, and that it desires to be millennials,” he stated.

As international curiosity and adoption of digital belongings continues to develop, 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 might proceed to strengthen this yr.