Galaxy Digital CEO Mike Novogratz stated that the passage of two key cryptocurrency bills in the U.S. will usher in a new wave of crypto participation, potentially disrupting the traditional four-year market cycle.
Novogratz told Bloomberg on Tuesday that the stablecoin regulation bill GENIUS Act, signed into law in July, and the CLARITY Act, which outlines the jurisdiction of regulatory agencies over cryptocurrencies, will trigger a surge of new investors, thereby breaking the four-year cycle pattern.
Many crypto investors believe that the market follows a price trend pattern that aligns with Bitcoin's (BTC) halving approximately every four years. The last halving occurred in April 2024, leading some to believe that the current bull market may soon come to an end.
However, Novogratz indicated that this crypto market cycle may be different, as investors are less likely to sell off at peak levels by the end of this year as they did in 2017 and 2021.
He added that people previously could not use stablecoins in iPhone or social media applications because they were not necessarily legal, "but now they are legal."
Coinbase CEO Brian Armstrong echoed Novogratz's sentiments on September 17, expressing confidence that Congress would pass the CLARITY Act, which defines the role of national financial regulatory agencies in cryptocurrency.
"I have never been so optimistic about the market structure [bill] passing; it's a freight train leaving the station," he said at the time.
Last week, Congressman French Hill stated that the House Financial Services Committee hopes to take action on the legislation in October or November.
Novogratz also downplayed concerns about the Trump family's involvement in cryptocurrency, believing that the U.S. Securities and Exchange Commission (SEC) would follow up on any conflicts of interest.
"I think you can't stop the children of powerful figures from engaging in business activities," he said.
He noted that Democratic lawmakers might make a big deal out of what they perceive as the Trump family's "profiteering" and could potentially delay the crypto market structure bill.
Novogratz stated that there are now enough Democrats who see the value of cryptocurrency to push the bill through, but that the Democratic opposition to cryptocurrency during last year's presidential election was "foolish."
Regarding this week's leverage washout, the spot crypto market nearly evaporated $200 billion, with Novogratz attributing the decline to "large miners selling off" and Arthur Hayes' "bearish comments around Hyperliquid."
"Hyperliquid was hit the hardest, which affected overall market sentiment, but I think this is just a pullback."
Hayes sold all of his HYPE tokens to pay a deposit for a Ferrari, with the token having dropped over 23% since hitting an all-time high last week, as whales continue to sell off.
Related: Democratic supporter of Bitcoin (BTC) Ian Calderon runs for California governor
Original article: “Galaxy Digital CEO: U.S. Crypto Policy Shift Will Bring a Wave of Investors Breaking 'Traditional Cycles'”
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