Novogratz Predicted Kamala Harris Would Embrace Crypto — Here's How Long It Took

Back in August, Mike Novogratz, CEO of Galaxy Digital, predicted that Vice President Kamala Harris would eventually shift her stance on cryptocurrency and embrace the burgeoning digital asset space. This week, it appears that prediction is starting to take shape, albeit with limited details from Harris herself.

What Happened: At a New York fundraiser over the weekend, Harris expressed support for digital assets and made her first public mention of the crypto industry, calling AI and digital assets "innovative technologies."

However, Harris did not provide any concrete plans for regulatory changes or initiatives to promote the sector.

Back in August, Novogratz spoke about Harris' potential pivot to crypto during an interview, suggesting that her political strategy could shift in light of Donald Trump’s growing popularity within the digital asset community.

Also Read: Core Emerges As Leading Bitcoin Sidechain By Total Value Locked

What Mike Novogratz Said In August: Back then, Novogratz emphasized during a Galaxy earnings call the importance of bipartisan support for cryptocurrency, noting that it is essential for the technology's future growth.

He expressed optimism that Harris will soon make her position clear.

“I am fairly certain, and hopeful, that nominee Harris … is going to soon make comments that show that she’s from San Francisco — the land of innovation — and that she wants to be a pro-innovation, pro-crypto president,” Novogratz said.

Historically, Republican politicians have been more vocal in their support for the cryptocurrency sector. However, there has been significant progress among Democrats as well.

Several have joined Republicans in supporting measures to overturn the SEC’s Staff Accounting Bulletin 121 and the FIT21 Act.

“I am working really hard on the Democratic side now mostly because we don’t want to be a one-party industry; we’re a technology and a movement and it should be bipartisan,” Novogratz added.

“If we get the Democrats to go where I think they’re going … now we’ve got both sides, and we can be less worried about Washington and more worried about prosecuting our business.”

Beyond the political landscape, Novogratz pointed out that the macroeconomic environment appears favorable for Bitcoin and cryptocurrencies in general.

The Federal Reserve recently decided to maintain interest rates, but a rate cut is widely anticipated in September. “Lowering rates adds to the narrative of crypto,” Novogratz stated.

Neither Harris nor Trump have extensively discussed addressing the national deficit by cutting spending, despite the national debt surpassing $35 trillion.

“Until that paradigm shifts — and it’s hard to see it shifting — Bitcoin as a store of value and bitcoin as digital gold is going to have an amazing appeal to investors around the world,” Novogratz said.

Novogratz believed that if Trump's pro-crypto stance gained traction, Harris would eventually have no choice but to embrace the sector to stay politically relevant.

What’s Next: As the debate over cryptocurrency regulation heats up, these topics will be further explored at Benzinga's Future of Digital Assets event on Nov. 19, where key industry leaders and policymakers will gather to discuss the evolving role of digital assets in politics and finance.

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This article has previously been published on Benzinga.

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