In a recent Twitter thread, Galaxy Digital CEO Mike Novogratz shared his recent thoughts on the state of the US in the cryptocurrency industry globally. He further claimed that crypto and blockchain can transform the world in previously imagined ways.
It also offers the industry much-needed legitimacy, according to Novogratz, by instructing federal agencies to regulate it. As a result, rather than being solely a tool for speculation, cryptocurrencies can now be seen as a stand-alone investment vehicle.
US president’s Executive Order a game changer
Mike Novogratz said that President Joe Biden’s much-talked-about executive order is “welcomed engagement” from the White House.
As reported by TWJ, On Wednesday, American President Joe Biden signed an executive order directing the federal government to investigate the risks and benefits of cryptocurrencies. It’s a long-awaited edict that has the crypto community on pins and needles.
While legislators have been careful not to dismiss any structural risks associated with cryptocurrency, fears about the role of stablecoins have grown. These are digital tokens that are supposed to be pegged to actual currencies like the U.S. dollar.
Biden had remained tight-lipped about whether the United States should develop its own digital currency, but, he is now urging the government to make CBDC research and development a top priority.
However, last year, the Federal Reserve began looking into the possibility of issuing a digital dollar. The central bank issued a long-awaited research outlining the benefits and drawbacks of such virtual money, but it has yet to say whether the United States should create one.
While CBDCs have the potential to significantly speed up payment settlement, governments are considering a variety of concerns about financial stability and privacy.
Novogratz claims in his thread that Galaxy Digital is eager to work with the government further. In light of recent events, last month, the billionaire said that both Bitcoin (BTC) and gold are seen as safe havens for investors who are worried about conventional currency depreciation. At the time of press, Bitcoin was priced at $39,113.99 and had slightly depreciated by 0.14% in the last 24 hours.
