Galaxy Digital CEO and billionaire investor Mike Novogratz spoke about Bitcoin and Ripple on CNBC's Squawk Box.
Saying that Bitcoin is strong despite regulatory pressures, the CEO said that Bitcoin is out of the bag and is not going anywhere.
Answering the question of what kind of position you followed in the bear market, Novogratz said, “We prepared for a longer-than-expected crypto winter, we held what we had and we spent this process very productive with new investments.”
Answering the question about SEC Chairman Gary Gensler's pressure on cryptocurrencies, Novogratz said, “The SEC chief says the rules on cryptocurrencies are clear, but the rules are not clear at all. The judge said the SEC was wrong. I don't think Gary Gensler hates Bitcoin and cryptocurrencies. He focuses more on the fraud and manipulation aspect of the case.” gave the answer.
"We prepared for a longer winter than we're hoping we're going to get. We're certainly not out of the woods in general in the overall industry but it feels a whole lot better," says @novogratz on #Bitcoin. "The cat's out of the bag. $BTC is not going away." pic.twitter.com/bdRePiaeBC
— Squawk Box (@SquawkCNBC) July 20, 2023
Here are Novogratz's thoughts on the decision in the Ripple case:
“The Ripple decision sent the message to the Democrats, Gary Gensler and the White House to bring fair rules to the table.
This decision is a huge victory for Ripple and the cryptocurrency community. Let's not let Gary Gensler put lipstick on a pig (citing Gensler's interpretation of the decision in favor of the SEC). They lost and they know it.
The clearest message of this court decision is that it refutes the very clear lie of the rules in crypto, which Gensler constantly says. That's exactly what the judge said. This area is very complex and we need legislation to clarify this area.”
"It was a big big win for Ripple and a big big win for the #crypto community," says @novogratz after a judge ruled $XRP is not a security. "Let's not let Gary Gensler put lipstick on a pig. They lost and they know it." pic.twitter.com/sUwjQ2mJ5b
— Squawk Box (@SquawkCNBC) July 20, 2023
