Galaxy CEO Novogratz: Cryptocurrency legislation may fail, Bitcoin needs to prove its strength at the $100K USD level

Mike Novogratz, CEO of Galaxy Digital, recently shared his views on the challenges facing the proposed cryptocurrency market structure bill. He noted that currently, the profit-sharing aspect of stablecoins is a difficult issue to resolve, putting the bill at risk of not passing. This demonstrates how political interests are overshadowing rational policy decisions.

Stablecoin becomes a contentious point in the bill

According to Novogratz, traditional banks do not want to see cryptocurrency platforms offering yields or rewards to users. If the bill is vetoed, the current situation would indeed be what the banking sector desires. However, if this hampers the passage of the market structure bill, the responsibility will fall on banks and lawmakers from both Republican and Democratic parties.

Conflict between banking interests and consumers

Galaxy’s CEO emphasized that American consumers will be the biggest victims of this conflict. He hopes that reason and pragmatism will prevail in the decision-making process. Novogratz believes that the banking industry and their supporting senators must be held accountable if they hinder the progress of this bill.

Warning signals from the market and Bitcoin price targets

Novogratz also pointed out some concerning signals from the global market. Gold prices currently indicate that the US dollar is losing its status as the world’s reserve currency at a faster rate than expected. Additionally, the sell-off of long-term bonds is not a positive sign for the economy.

In this context, Bitcoin is under pressure from a continuous sell-off wave. To confirm a recovery and growth trend, Bitcoin needs to surpass the $100,000 to $103,000 mark. Currently, Bitcoin is trading around $87,570, indicating there is still a gap to reach the target set by the Galaxy CEO.