Galaxy Digital CEO Mike Novogratz stated that Bitcoin’s
Speaking on CNBC’s Squawk Box on September 11, Novogratz explained that treasury teams within crypto firms have recently shifted attention to other blockchain projects.
He noted that this has likely pulled some market energy away from Bitcoin in the short term.
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He pointed to recent activity involving Galaxy Digital, Jump Crypto, and Multicoin Capital as examples of companies directing funds toward newer tokens.
While Bitcoin has not shown much movement lately, Novogratz noted that it could change later in the year. He mentioned that a potential shift in US interest rate policy could drive another wave of demand for Bitcoin.
Additionally, he referenced SEC Chair Paul Atkins’ remarks about updating securities regulations to support on-chain markets.
Novogratz also mentioned that Nasdaq had submitted a request to the SEC to allow tokenized versions of traditional financial assets, such as stocks and exchange-traded funds (ETFs).
He explained that Bitcoin initially gained attention as a digital store of value, while stablecoins became useful for cross-border payments. However, Novogratz stated that the lack of reliable blockchains, as well as clear regulations, has slowed further adoption.
He added that while different blockchains will continue to compete, it is unlikely that any single network will dominate the industry. Ethereum
On August 25, Tim Draper, co-founder of Draper Associates, shared his views that altcoins play an important role in strengthening Bitcoin. How? Read the full story.
