Mike Novogratz, the founder and CEO of Galaxy Digital, recently discussed the growing acceptance of cryptocurrencies among Democrats. In an interview with CNBC, Novogratz expressed his belief that Democrats are gradually shifting their stance on crypto and warned against politicizing it. He emphasized that treating crypto as a political issue could have significant consequences for the market and its regulatory environment.
Novogratz pointed out a noticeable change in attitude among Democrats in Washington, which he believes has influenced the landscape for Ethereum ETF approval. He suggested that someone in the Biden White House may have had a hand in this shift, stating that they can no longer be against crypto. He emphasized the potential impact of this change, stating that if the SEC’s change of heart is politically motivated, it could drive prices significantly higher.
Traditionally, prominent Democrats like Senator Elizabeth Warren have been critical of cryptocurrencies, while Republicans have been more supportive. However, there seems to be a shift in the Democratic leadership’s position. Novogratz believes that Senate Majority Leader Chuck Schumer may have urged a more pragmatic approach, suggesting that opposing crypto is no longer wise.
The political landscape is particularly relevant as the SEC moves closer to approving a spot Ethereum ETF. Market analysts predict significant price surges if the ETF receives approval. Ethereum could potentially reach $6,446 by July 23, following a similar trend to Bitcoin after its ETF approval.
Bitcoin itself has experienced a bullish trend, reaching a peak of $71,954 on May 21, driven by speculation about the potential approval of an Ethereum ETF. Analysts project that an ETF approval could result in substantial inflows into Ethereum, potentially driving ETH prices to $8,000 by the end of 2024.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.