Deep Tide TechFlow News, on November 8, according to DLNews, Galaxy Digital founder and CEO, billionaire Mike Novogratz stated that Trump's victory in the U.S. election would bring significant benefits to the cryptocurrency industry. During Galaxy Digital's third-quarter investor conference call, Novogratz pointed out that the SAB 121 regulations limiting bank services to crypto companies would be swiftly repealed, making it easier for large financial institutions such as State Street Bank and Bank of New York Mellon to accept crypto business.
Novogratz emphasized: 'When traditional financial competitors are allowed to hold cryptocurrencies on their balance sheets, it will trigger a tsunami of institutional participation.' His expectations are based on the presence of pro-crypto advisors in Trump's team. During the campaign, Trump promised to fire the Securities and Exchange Commission (SEC) chairman Gary Gensler, who is seen as anti-crypto, on his first day in office.
Novogratz believes that Trump's election is 'the most important day for cryptocurrency' and expects that the industry will have 'good news' every week over the next two years. He predicts that more funds will flow into the cryptocurrency space, driving innovation and increasing cryptocurrency prices. Previously, Novogratz had predicted that Bitcoin could reach $100,000 by the end of the year.