TechFlow news, November 8 — According to DLNews, Galaxy Digital founder and CEO, billionaire Mike Novogratz, said on Thursday that Donald 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Novogratz noted that SAB 121—the regulation restricting banks from providing services to crypto firms—would be swiftly repealed, enabling major financial institutions such as State Street and BNY Mellon to more readily embrace crypto-related businesses.
Novogratz emphasized: “When traditional financial competitors are allowed to hold cryptocurrencies on their balance sheets, it will trigger a tsunami of institutional participation.” His outlook is based on the presence of pro-crypto advisors within Trump’s team. During his campaign, Trump pledged to fire Securities and Exchange Commission (SEC) Chair Gary Gensler—widely seen as hostile to crypto—on his first day in office.
Novogratz described Trump’s election as “the most important day for crypto,” expecting the industry to see “good news” every week over the next two years. He forecasts increased capital inflows into the crypto sector, driving innovation and pushing cryptocurrency prices higher. Earlier, Novogratz had predicted that Bitcoin could reach $100,000 by year-end.
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