Trump admin. will bring new 'energy' around bitcoin: Mike Novogratz
As bitcoin's (BTC-USD) record rally pushes the cryptocurrency closer and closer to $100,000, the crypto community appears locked in to the burgeoning Trump trade. But while it's yet to be seen whether President-elect Donald Trump will follow through on his crypto promises, what are his recent Cabinet nominations reflecting about the regulatory future for digital assets? Galaxy Digital (GLXY.TO, BRPHF) CEO Mike Novogratz sits down with Julie Hyman and Madison Mills on Catalysts to weigh in on possible Securities and Exchange Commission (SEC) and Federal Trade Commission (FTC) nominees. "All the guys around the table like our space. They believe in the digital asset world. They believe in blockchains and bitcoin," he says regarding Trump's already-named Cabinet nominees and advisers. "And so the whole energy of this administration is going to be so different than the Elizabeth Warren, Gary Gensler era." When asked about the prospects of a strategic bitcoin reserve under a second Trump administration, Novogratz tells Yahoo Finance: "I do think buying some bitcoin to send a message that we're going to lead the world in bitcoin is a smart idea. I don't think the US dollar needs anything to back it up." Novogratz foresees bitcoin ETFs to grow further, noting options traders' participation "will increase volatility, 100%." He goes on to comment about what the expanding global economy will mean for bitcoin demand. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. This post was written by Luke Carberry Mogan.
