The chief executive of crypto asset manager Galaxy Digital says America’s current financial situation is bullish for Bitcoin (BTC) and crypto.
In a new interview with Bloomberg, Novogratz says that many factors have contributed to the rise of digital assets, including President Donald Trump and BlackRock CEO Larry Fink’s embrace of the sector.
“It started with Larry Fink. When he got orange-pilled, the largest asset manager in the world said ‘this is a real asset,’ at least Bitcoin, that everyone should be a part of and lots of other companies… followed suit.
And that was kind of round one of institutions coming in. But really it was the shift of approach from the Gary Gensler SEC (U.S. Securities and Exchange Commission) to this Trump Administration which has just embraced our industry, and that freed up the animal spirit, both here and abroad.”
However, Novogratz goes on to say that America’s current uncertain fiscal situation is ultimately good for the top crypto asset by market cap and the digital assets industry in general. He says the Trump administration’s failure to significantly lower the debt-to-GDP ratio has been a boon for the asset class.
“We’re in a really hard position as a country… We have this kind of debt, yield curves are selling off everywhere, the dollar is under pressure, and that all is very good for Bitcoin and crypto assets as well.”
BTC is trading for $108,961 at time of writing, just below a new all-time high.
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