Zinger Key Points
- Novogratz emphasizes the importance of bipartisan support for cryptocurrency for the industry’s growth and sustainability.
- Novogratz is optimistic that Harris will position herself as a pro-innovation, pro-crypto president.
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As Donald Trump has already announced his support for the cryptocurrency industry, Galaxy CEO Mike Novogratz suggests that his political opponent, Vice President Kamala Harris, may soon follow suit.
What Happened: Harris, expected to be the Democratic nominee to challenge Trump in the upcoming November election, has remained relatively silent on her stance regarding cryptocurrencies.
Trump made a notable appearance at the Bitcoin BTC/USD 2024 conference last week, where he vowed to dismiss SEC Chair Gary Gensler if reelected and pledged to “keep 100% of all Bitcoin the US government currently holds or acquires.”
His running mate, JD Vance (R-Ohio), is also seen as favorable towards cryptocurrency.
Novogratz emphasized during Galaxy's earnings call on Thursday the importance of bipartisan support for cryptocurrency, noting that it is essential for the technology’s future growth, according to Blockworks.
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.
Also Read: Bitcoin’s Joined The Big Leagues, But: ‘We’re Not Bullish Enough,’ Says Bitwise CIO Matt Hougan
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.
Bitcoin is currently trading at $62,600, down 6% over the past 24 hours.
What’s Next: These developments set the stage for Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders and policymakers will discuss the evolving landscape of digital currencies, regulatory challenges, and the potential future role of cryptocurrencies in the global economy.
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