July 20, 2023 at 14:01 GMTModified date: July 20, 2023 at 14:19 GMT
July 20, 2023 at 14:01 GMT

Gensler “doesn’t hate crypto”, says Novogratz

In a chat with CNBC, Galaxy Digital’s Mike Novogratz said that he doesn’t believe Gary Gensler hates crypto, but “see an industry rife with a lot of fraud”

Gensler “doesn’t hate crypto”, says Novogratz

Galaxy Digital CEO Mike Novogratz has spoken about Bitcoin and Ripple on CNBC’s Squawk Box and says he believes that Gary Gensler “doesn’t hate crypto”.

When asked if he thought that SEC chair Gary Gensler was anti-crypto or anti-unregulated exchanges, the billionaire replied: “I think if like this Ripple lawsuit taught us anything right, Gary has been saying ‘Come in the rules are clear.’

“The rules are absolutely not clear. The judge just basically said to the SEC – ‘You’re wrong.’

“Ritchie Torres, the congressman from the Bronx, put a beautiful letter out to the SEC, to Gensler, saying ‘Guys it’s time to come to the table, for the White House, for the SEC, for Democrats to sit down with the Republicans and give us some game legislation so we can get on with life.’

He continued: “I don’t think Gary inherently hates Bitcoin or hates crypto. He did see an industry rife with a lot of fraud. I do think Elizabeth Warren and the progressive side, for reasons I can’t understand, have been anti-crypto.

The BTC maximalist added: “There is a tension. I like to think of Bitcoin as digital gold, as a store of value, and that keeps the tempers or the nerves of central bankers down a little bit. When you start talking currency, they get nervous, but there’s that tension there.

“But I think, listen: the cat’s out of the bag – Bitcoin’s not going away. You threw everything you could at it and it’s up 80% on the year, with interest rates higher. And so the adoption cycle continues.

“Big Ideas are almost impossible to kill. And this is a really big idea.”

Asked whether he remains positive on BTC six months after calling the market scary, Novogratz explained: “You know, we’ve prepared for a longer winter than we’re hoping we’re gonna get.

“We’re certainly not out of the woods in general in the overall industry. But we, it feels a whole lot better.”

At the time of writing, BTC is trading at $30,262.44, up 0.9% in the past day.