Mike Novogratz Says Biden Administration Is 'Wrong' As Bitcoin, Ethereum Emerge Best-Performing Assets Of 2023

Mike Novogratz, the CEO of digital asset investment firm Galaxy Digital, told investors that Bitcoin BTC/USD and Ethereum ETH/USD have emerged as the best-performing assets of 2023 so far.

What Happened: At Tuesday's fourth-quarter conference call, Novogratz said that on a risk-adjusted basis, Bitcoin and Ethereum have been the two best-performing assets in “over the last three years.”

He added, “So, whatever Jamie Dimon wants to say, whatever the Biden administration wants to say, they’re just wrong, and the world knows that, right?”

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Novogratz asserted that the financial banking crisis in the U.S. not only acted as an "adrenaline shot" for the price of Bitcoin but also lent the cryptocurrency community an "unbelievable resilience" to withstand economic pressures in the broader crypto sector. 

Additionally, he opined that the U.S. government has it "completely upside-down" by heavily focusing on regulating crypto while disregarding the impact and potential of artificial intelligence, or AI.

“When I think about AI, it shocks me that we’re talking so much about crypto regulation and nothing about AI regulation. I mean, I think the government’s got it completely upside-down. In lots of ways, one of the best use cases for crypto is going to be identity around AI, because pretty soon you’re going to get a fake Mike Novogratz, hopefully with hair [...] how do you prove identity in a world like that?” he said.

Price Action: At the time of writing, BTC was trading at $28,085, up 4.19%. ETH, at $1,805, was up 4.63% in the last 24 hours, according to Benzinga Pro data.

Photo: Courtesy of Wikimedia Commons

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