In a recent Twitter thread, Galaxy Digital CEO Mike Novogratz shared his thoughts on the state of the cryptocurrency industry, arguing that crypto and blockchain have enough potential to reshape the world.
Novogratz also sees US President Joe Biden's much-spoken executive order as an acknowledgment of the White House. On the other hand, many participants in the cryptocurrency industry welcomed the Biden administration's plan to regulate the cryptocurrency industry.
Novogratz says Joe Biden's much-spoken executive order is a "welcome turnout" from the White House. Many members of the cryptocurrency industry praised the Biden administration's plan to regulate the cryptocurrency industry. The decision caused a significant increase in Bitcoin price, but the rally was short-lived. With regulations, cryptocurrencies can now be viewed as a standalone investment vehicle, not just a means of speculation.
The Biden administration is focusing on fostering “responsible innovation” within the US and fostering leadership on the global stage while also ensuring fraud prevention. However, some critics pointed out that the text of the resolution is rather vague and does not specify any proactive steps to ensure the growth of the cryptocurrency industry.
Novogratz said in his message that Galaxy Digital is keen to engage further with management. According to the boss of Galaxy Digital, inter-agency collaboration is key to developing the cryptocurrency industry. Novogratz also underlined the importance of public-private partnerships. Last month, the billionaire said that both Bitcoin and gold are perceived as stores of value to protect investors against nominal depreciation. He also predicted that in 2022 immutable tokens (NFT) will outperform cryptocurrencies.
Former veteran of Credit Suisse launches $200M crypto options trading fund
CK Zheng, former head of global valuation risk at European investment bank Credit Suisse, is aiming to raise $200 million in funding for a new crypto hedge fund. Zheng has joined forces with Felix Xu and Yemu Xu to form ZX Squared Capital, which will apply strategies in crypto options to help deliver better returns with less volatility.
"We can use options in a way that can significantly reduce volatility," Zheng told The Block. said. According to data compiled by The Block, the crypto options market has grown nearly 10x since 2020. Since the beginning of 2022, the Bitcoin options market has surpassed $7 billion across platforms ranging from CME Group to Deribit.