Galaxy Digital CEO Mike Novogratz pointed out the growing cryptocurrency adoption in a statement to CNBC.
Novogratz stated that the industry is still in the early stages of its adoption cycle, as governments are willing to collect taxes for crypto and as industry-dominated wealth funds are involved.
Also speaking about the performance of Bitcoin, the CEO noted that he is much more optimistic about the state of the market than seven weeks ago. Novogratz had previously predicted that due to the Fed’s policies, the asset would struggle to recover in early 2022.
Bitcoin value rose to a year high of $48,128 on Bitstamp earlier today. The asset has increased by approximately 46% since January 24. Novogratz predicted that Bitcoin will hit the $500,000 level in five years.
Also speaking on regulators, Novogratz claimed that Treasury Secretary Janet Yellen has become “much friendlier” to crypto.
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