According to Blockworks, Galaxy Digital CEO Mike Novogratz said that the approval of a Bitcoin ETF may be just the beginning of accelerating the popularity of cryptocurrencies, especially as U.S. debt levels rise and the Bitcoin halving approaches. However, the field still faces regulatory hurdles. Novogratz noted that the U.S. national debt has exceeded $34 trillion, a figure that has increased by about $1 trillion over the past several 100-day cycles. “Until the U.S. and other countries resolve their fiscal issues, the story for Bitcoin and other digital assets will continue to evolve,” he said during the company’s earnings call on Tuesday.

Bitcoin (BTC), a currency with a limited supply that has historically served as a safe haven against currency debasement, surpassed $71,000 on Tuesday morning. At 12 noon ET, BTC was around $70,400, down nearly 5% from its all-time high set earlier this month, but up 4% from a week ago.