Mike Novogratz: Institutions Purchasing BTC, Politicians Require More Digital Asset Education

Galaxy Digital CEO Michael Novogratz recently mentioned that digital assets like Bitcoin have bounced back because institutional investors are purchasing. Responding to the United States Senator Elizabeth Warren’s anti-cryptocurrency opinion, he mentioned, “We need to do a much better job going to D.C.” to educate lawmakers.

Novogratz talked about his opinion for BTC in an interview with CNBC recently.

In the interview, he was asked how he sees BTC’s price action and what he thinks has been leading the price of the virtual currency back to the forty thousand USD level. He replied,

“This was partly a big short-covering rally and partly recognition that this is a real market that isn’t going anywhere.”

He further said,

“Crypto goes after the rent takers. If you look at defi [decentralized finance]. If you look at the NFT [non-fungible token] revolution. It’s going to empower artists and creators over the people that used to make money off their backs.”

He highlighted that institutions are some of the smartest investors in the world and they are participating in the digital asset domain.

“That sent a signal to the whole crypto market that this isn’t going away”

he concluded.