Trump’s Victory Will Usher Big Transformation For Crypto, Says Billionaire Mike Novogratz

Key takeaways

• Galaxy Digital CEO Mike Novogratz forecasts substantial progress in the crypto industry following Trump's victory.
• Novogratz noted that Trump is surrounded by pro-crypto personalities who will facilitate the boom in the industry.
• Bitcoin reacts to Trump's Presidential win, hitting a new all-time high of over $76,460.

Mike Novogratz, the CEO of the crypto asset management company Galaxy Digital, provides optimistic expectations for the crypto industry. According to the CEO, Trump's presidential win in the US election will propel big changes for crypto.

During an interview with CNBC, Novogratz laid out his optimistic prediction. He said the crypto industry will record a substantial shift" in energy, propelling the influx of hundreds of billions into the ecosystem.

Again, Novogratz highlighted the possible impact of a pro-crypto presidency and his cabinet. The CEO indicated that while Trump reflects a pro-crypto stance, he also surrounded himself with people of like minds who will support crypto growth.

Also, the billionaire acknowledged that the US Congress now comprises several individuals who support the crypto industry.

Novogratz said: The crypto community showed up. There are now over 240 Congressmen who the crypto pack thought were pro-crypto. We've got a Congress that is moving our way. We've got a president moving our way. And so, for Galaxy, the crypto industry, I couldn't be more optimistic.

Galaxy Digital's boss also noted that the crypto industry's huge win is getting the president and secretary of Treasury who will direct the regulatory agencies. This means that top regulators, including the US SEC, the FDIC, the Office of the Comptroller of the Treasury (OCC), and their chairpersons will take instructions from the Presidency and the Secretary of the Treasury.

According to Novogratz, getting these three agencies to a pro-crypto stance creates a huge transformation in the industry. Their support for crypto will allow State Street and banks to have custody of crypto, accelerating innovation and fostering broader adoption with massive investments.

Also, the changes will attract hundreds of billions of participants and funds into the crypto ecosystem.

Novogratz reiterated that these changes will occur once Trump replaces the department heads of key regulatory agencies. Notably, Trump promised the crypto community that he would change key agency heads within a few months of his presidential victory.

The crypto market reacted positively to Trump's presidential victory with significant price surges. The primary crypto asset, Bitcoin, hit a new ATH of $76,460 on November 6, according to data from CoinMarketCap. Its market cap has surged to over $1.48 trillion, reflecting almost a 59% market dominance.

Similarly, most prominent assets posted significant price rallies within the past day. Ethereum surged by over 6.5% to reach $2,816, while BNB trades at $594, indicating a 1.88% increase.

Solana has displaced BNB to emerge as the fourth-largest crypto asset with a market cap of $88.5 billion. SOL trades at $187, with a daily trading volume of over $4.87 billion.

The global crypto market cap hovers around $2.52 trillion, reflecting a 2% increase over the past day.

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