Michael Novogratz, the founder of digital asset financial services company Galaxy Digital Holdings Ltd., believes that the growing enthusiasm of cryptocurrency investors is counterbalancing the adverse effects of a U.S. regulatory crackdown on the industry.
“Despite the extensive international activity and domestic governments attempting to suppress the industry, cryptocurrency prices continue to rise,” Novogratz said at the FII Institute’s PRIORITY summit in Miami Beach on Thursday.
He acknowledged that the entry of institutional capital has slowed down, but remains optimistic due to the unwavering commitment of the crypto community.
“Cryptocurrency began as a grassroots revolution driven by people who lacked trust in governments.”
Challenging this passionate and devoted crypto community is like taking on a group with an almost religious conviction in the technology,” he explained.
During Galaxy Digital’s recent earnings conference call, Novogratz attributed the rise in cryptocurrency prices this year to seller exhaustion and increased activity in Asia.
At the summit, he cited Abu Dhabi and Hong Kong as examples of regions promoting crypto-friendly policies. Hong Kong announced plans last year to position itself as a hub for digital assets and web3 companies, despite mainland China’s ongoing ban on cryptocurrency trading.
Novogratz had previously predicted that Bitcoin BTC/USD could reach $30,000 by the end of March.
The largest cryptocurrency by market value was trading at approximately $28,450 on Friday, up 0.8% in the past 24 hours.
Photo: Created with an image from Acumen Fund from flickr