Mike Novogratz: Regardless of US rules, crypto markets have been robust this yr

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

Sellers are exhausted, Novogratz stated, as China eases restrictions and Hong Kong exhibits a extra constructive angle towards digital belongings.

“I would not be shocked if the market goes up in three, six or 9 months,” Novogratz stated. Chinese language banks have been working instantly with cryptocurrency firms in current months, and Hong Kong regulators are holding a gathering to assist crypto firms achieve entry to banking providers.

That is in stark distinction to the regulatory crackdown within the US, the place regulators have warned banks about elevated dangers related to doing enterprise with cryptocurrency companies.

Galaxy Digital, a listed and controlled firm within the cryptocurrency trade, expects vital audit and authorized charges. The corporate has additionally doubled its mining capability because the starting of the yr.

Regardless of the regulatory challenges going through the trade, Novogratz stays bullish on the way forward for cryptocurrencies. “The market is telling you that it needs to be a retailer of worth, a medium of alternate, and it needs to be owned by millennials,” he stated.

As international curiosity and use of digital belongings continues to develop, it stays to be seen how regulatory modifications will have an effect on the way forward for the cryptocurrency market. However for now, Novogratz’s bullish outlook suggests the market could proceed to strengthen this yr.