Bitcoin Bull Mike Novogratz: China Will ‘Eat Our Lunch’ If US Doesn’t Back Crypto and Blockchain Technology
Mike Novogratz, the CEO and chairman of Galaxy Digital, thinks China could be getting ahead of the United States in terms of embracing the crypto and the fintech revolution.
In a new tweet, Novogratz shows a Walgreens in Las Vegas that’s accepting China’s AliPay.
A pal sent me this from Vegas. If the US regulators don’t allow for fintech innovation, the Chinese will eat our lunch. Xi’s comments on Friday were significant. Crypto and blockchain will be part of the financial and consumer infrastructure in the future. Buy the dip. $btc pic.twitter.com/prM9VvjT3x
— Michael Novogratz (@novogratz) October 26, 2019
The Standing Committee of the 13th National People’s Congress in China announced on October 26th that a new cryptography law goes into effect on January 1, 2020.
China’s national congress says the new law will support research and development related to commercial cryptography technologies. The country is also planning to develop a comprehensive and standardized regulatory framework for its markets.
The announcement came only a day after Chinese President Xi Jinping detailed how China plans to embrace blockchain technology to tackle globalization, modernization and business inefficiencies.
Two days prior to his tweet, Novogratz was a guest on CNBC’s Squawk Box, where he responded to a question about China and Libra being possible threats to Bitcoin.
“They’re actually additive to Bitcoin because both what China’s working on – a digital renminbi – and what Libra is – which is going to be either a digital dollar or a digital basket of currencies or some version of that – are payment systems really, or currencies, where Bitcoin is gold. Gold’s not a threat to the dollar, nor will Bitcoin be a threat to these payment currencies.”
Novogratz also announced Galaxy Digital is setting up a new fund “to allow people easy access to Bitcoin.”
“We will have a fund in time… It’s just a Bitcoin fund that takes care of custodying it, takes care of pricing it. It’s got one-week liquidity. It just allows people to invest in Bitcoin without setting up a Coinbase account, without worrying that their phone [and key] is going to get lost.”