Michael Novogratz, Galaxy Digital CEO, and chairman in an interview with CNBC said that Facebook CEO Mark Zuckerberg made some good points in front of the lawmakers while he was being scrutinized with a heavy line of questioning. He also mentioned that currently, the crypto market had suffered various blows from the authorities.
He said that US SEC halting Telegram from issuing its tokens just a few weeks before the launch date had a negative effect on the market. He then said that if Facebook and Libra had presented themselves differently, the regulatory scrutiny could have been minimized.
Galaxy Digital CEO believes if Facebook had presented Libra as a new global payment system rather than as a “new currency,” the regulatory criticism against it could have been minimized.
When asked about bitcoin price, Novogratz said that he wants to see it stay where it is, but according to the trend, it is likely that the price would go to $6,500. He further mentioned that for bitcoin to gain positive momentum, it needs “new energy.” He also mentioned that Bakkt is slowly picking up the pace, which is positive for the crypto market.