Biden’s Crypto Executive Order: Galaxy Digital CEO Predicts That Crypto Will Transform The Financial Sector
Popular crypto advocate and Galaxy Digital CEO, Mike Novogratz, has reiterated that blockchain tech and cryptos will significantly influence the world, especially the finance sector, in ways many won’t ever imagine. He further claimed that Biden’s crypto executive order (EO) would cause significant progress for the crypto industry.
Making America A Leading Crypto Nation
Despite the poor performance of all digital assets since the beginning of the year, Novogratz remains convinced that this poor performance is only temporary, and the tokens will bounce back in no distant future. Recently, the Galaxy Digital CEO tweeted that blockchain tech and cryptos will revolutionize the financial industry worldwide.
Novogratz has maintained this stance for a long time. Some months ago, he claimed that digital assets would form the basis of the future of the financial system. According to him, the current centralized system, which the Central banks and Treasury department control, is responsible for the massive rise in inflation rates, especially during the heat of the pandemic when they printed and pumped vast amounts of physical cash to the economy.
The Galaxy Digital CEO further argued that the best protection many people need is an investment in safe-haven assets like crypto, real estate, and gold. Commenting on the US president’s crypto EO, Novogratz stated that “it is a good development by the current authorities and presents a chance for America to become a world leader in the crypto space.”
He then suggested that the sec and other financial watchdogs should collaborate to develop a detailed regulatory structure that will enable “fast growth of the crypto sector in the US and other nations without compromising democratic values.”
Jerome Powell Is Slowing Down The Crypto Industry – Novogratz
Late last year, Novogratz claimed that the actions of Jerome Powell (the Fed’s chief) could inhibit the progress of the crypto industry. He contended that Powell doesn’t have a good grasp of the political and economic situation of the country. Hence, he could hinder the growth of the crypto industry and even the traditional financial sector.
“it is clear that we are seriously dealing with inflation here in the US. Hence, the Fed needs to make its decisions and actions faster. Taking things slow as they are taking it currently would slow down assets and the stock exchange, particularly NASDAQ. If the Fed raises interest rates too quickly, their actions would negatively impact the crypto market.” As of this writing, the current inflation rate of 7.9% represents a 40-year high.
A Move In The Right Direction
Many crypto players have applauded president Biden’s EO, saying it is a move in the right direction towards sanitizing the crypto space. These crypto players also claimed the EO would make investors see the digital asset market as an investment option and not a speculative tool. Despite the laudable development, some critics claimed that the EO hasn’t yet defined the exact approach the administration intends to take towards sustaining the growth of the digital asset sector.
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