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Institutions Are Buying Bitcoin Says Michael Novogratz And Politicians Need More Crypto Education Bitcoin News

Institutions Are Buying Bitcoin, Mike Novogratz Says, and Politicians Need More Crypto Education Galaxy Digital CEO Michael Novogratz thinks that cryptocurrencies, such as bitcoin, have recovered because institutional investors are buying them.
Reacting to the United States of America
“We need to do a much better job coming to D.C.” to educate lawmakers on Senator Elizabeth Warren’s anti-crypto attitude, he said.
In an interview with CNBC on Wednesday, Galaxy Digital CEO Mike Novogratz discussed the prognosis for bitcoin.
He was asked how he views bitcoin’s price activity and what he believes is bringing the cryptocurrency’s price back to $40,000.
The pro-bitcoin CEO said, “Crypto has recovered because institutions are purchasing it.”
As an example, he mentioned the FTX exchange.
The exchange raised $900 million from over 60 investors lately, valuing the company at $18 billion.
Softbank Group Corp., Sequoia Capital, Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family, and Alan Howard, a British hedge fund manager, were among the investors.
The idea that the price increase was caused by reports that Amazon would accept bitcoin payments was disputed by Novogratz.
He stated, “It sent a signal to the entire crypto market that this isn’t going away.” He went on to say, “That sent a signal to the entire crypto market that this isn’t going away.”
“This was partially a large short-covering rally, and partly a realisation that this is a legitimate market that isn’t going anywhere,” Galaxy Digital’s CEO explained.
Novogratz was also questioned on bitcoin regulation and what it would look like in the United States.
especially after Senator Elizabeth Warren’s concerns
Warren warned on Tuesday who the price of bitcoin is volatile, putting retail investors and businesses that take bitcoin at risk.
Furthermore, she argued that anyone who utilize bitcoin as a form of payment are criminals.
Senator Warren’s views against cryptocurrencies, according to Galaxy Digital CEO, were “disappointing.”
She was conceited.
She exuded arrogance.
She was really dissatisfied because she had not completed any job.
This is a cutting-edge technology.
She’s supposed to be a liberal.
“Crypto is after the rent collectors.”
When it comes to defi [decentralized finance],
Take a peek at the non-fungible token (NFT) revolution.
It will empower artists and creators over those who used to profit from their work.
“That just informs us…,” he continued.
Going to Washington, D.C., needs to be considerably more effective.
as well as [legislators]
On Tuesday, Novogratz responded to Warren’s anti-cryptocurrency stance on Twitter.
“Banks racked up $12 billion in overdraft fees, a fortune in ATM fees, and a fortune in checking account fees,” according to the report.
But, you continue to pursue crypto, where saving and money transfer costs are a fraction of what banks charge.
Senator Warren, you did a fantastic job.
“You don’t sound very progressive to me,” he said, adding that if banks had the transparency of defi protocols, the mortgage crisis would not have occurred.
Defi will triumph because it is superior.
“Atomic agreement”
Assets in the name of the bearer
Possibility of composition
Transparency is important.
We only have to deal with KYC, which will be implemented soon.
He continued, “We need to educate our legislators.”
What are your thoughts on Novogratz’s remarks?
Please share your thoughts in the comments box below.
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