Billionaire Mike Novogratz Bullish on Bitcoin and Crypto Despite Industry Crackdown – Here’s Why

Galaxy Digital CEO Mike Novogratz believes that the US government is hostile towards the overall crypto industry.

In a new Bloomberg interview, Novogratz says that the administration of US President Joe Biden “doesn’t like crypto.”

According to Novogratz, the unraveling of FTX and its founder Sam Bankman-Fried is partly to blame for the hostile treatment the crypto industry is getting from Washington.

“And so now we’re under assault from the US government.

The Biden administration, the Democratic Party really doesn’t like crypto. Partly, because Sam Bankman-Fried was Joe Biden’s biggest donor. And he was the biggest donor to the Democratic Party. And he was engaged in a really intimate way with the SEC [U.S. Securities and Exchange Commission] and the CFTC [Commodity Futures Trading Commission].

And so the Democrats have egg all over their face and feel, ‘Oh I got to run from this’.

And you know there’s a small cabal… [U.S. Senator] Elizabeth Warren, [U.S. Senator] Sherrod Brown, [SEC Chair] Gary Gensler… that really are trying to, they call it Operation Chokepoint, you know crush crypto.”

The Galaxy Digital CEO says that the fact that the crypto community is “‘re-energized” makes him bullish.

“You’re picking a fight with a crypto community that loves this technology, that believes in it almost with religious fervor, that’s resilient as can be.

And so I’m bullish as can be, not because all the institutions are going to come in. That’s been slowed down. But because the people that started this revolution are re-energized.”

According to Novogratz, the Middle East and Asia now hosts some of the world’s most crypto-friendly jurisdictions at a time when the US is hostile towards the industry.

“We’re seeing overseas that [United Arab Emirates capital] Abu Dhabi is making a really friendly regime. Hong Kong, believe it or not, is coming up with one of the most-friendly crypto regimes…

And so we’re seeing overseas lots of activity. And domestically, a government that’s really trying to smoosh the industry.”

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