US crypto community overtaking Asia, says Mike Novogratz
Mike Novogratz, the CEO of Galaxy Digital, a hedge fund that makes markets in digital assets, believes that the US crypto community is overtaking Asia as the dominant force in the industry. What’s more, Novogratz believes that this is set to continue for the foreseeable future.
Mike Novogratz, CEO of Galaxy Digital, and a leading figure in the crypto community, told Bloomberg, “I think [Asia] is overrated.” During the interview, Novogratz said that he had met with the head of the Chinese government’s anti-corruption agency and talked about the practicality of cryptocurrency in an attempt to push China to legalize crypto. He said, “It is more a matter of time. It is just a matter of time.”
While bitcoin (BTC) continues to trade in a sideways trend after dropping below $33,000 on Thursday, Galaxy Digital CEO Mike Novogratz made some geopolitical comments about the sector.
In an interview with CNBC’s Squawk Box, Novogratz said that the price of bitcoin is currently consolidating between $30,000 and $35,000, suggesting that the US cryptocurrency community is now leading the market amid a downward trend from Asia.
The old bitcoin bull noted that China’s suppression of the cryptocurrency market is part of the broader problems in the market, explaining:
We see Asia selling them and the United States buying them back. China has declared war on cryptocurrencies as part of a larger cold war that we’re embroiled in, and I think we’re still processing that.
Novogratz also pointed out the potential correlation of bitcoin holdings in diversified portfolios, noting that some investors might offload some of their crypto holdings. If you’re a hedge fund and you get hit with your position in interest rates, stocks and oil, you’re probably going to sell some cryptocurrencies, too, he said, adding: It just takes time to build a broader investor base.
Related: According to Mike Novogratz, the exodus of miners from China is a net positive for cryptocurrencies.
After reaching an all-time high of more than $64,000 in mid-April, bitcoin has fallen steadily in recent months, largely due to alleged environmental issues related to bitcoin mining, as well as strict restrictions on cryptocurrency investment and mining by Chinese authorities. Overall sentiment in cryptocurrency markets has further deteriorated as global financial regulators have taken several actions against Binance, the world’s largest cryptocurrency exchange.
Despite growing concerns about the market, some major players in the US continue to make efforts to develop the industry in the country. On Thursday, US mining giant Gryphon Digital Mining bought a large shipment of crypto minerals from Bitmain, the Chinese mining giant forced to suspend its spot sales under Chinese restrictions on mining cryptocurrencies. In June, Miami Mayor Francis Suarez openly suggested that foreign companies mining cryptocurrencies should consider establishing data centers in the city after Chinese miners surrendered.
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