Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account After noted billionaire, Tesla CEO and cryptocurrency fan Elon Musk grudgingly admitted that Dogecoin, 2021’s most successful coin, was a hustle during his Saturday Night Live appearance on May. That’s why she has been reaching out to regulators to work together on rules that make sense and don’t stifle this new industry. “We’re all for regulation in the space,” said Tavonia Evans, who founded the crypto Guapcoin to amplify the economic voice of the Black community. Some regulation would be useful, Novogratz said, but he expressed the importance of some freedom to innovate. It’s still not clear which regulatory entity is meant to oversee the crypto market - in part because it’s not clear whether the cryptocurrency is a security or a currency. Though the digital currency space is filled with hungry investors and plenty of opportunity to put money to work, one dark cloud keeps hanging over it: regulation. “I would bet 75% of cryptos don’t make it” through the next decade, Novogratz added. Novogratz expects it to be worth more than half a million per coin in ten years.īut while bitcoin is the biggest and most popular coin out there, there are thousands of others with much smaller market caps and likely perhaps staying power. Betting on bitcoin is about believing in a fundamental change to the way money works today.īitcoin traded just below $43,000 per coin Thursday. Much of the focus on bitcoin craze is about the underlying technology, Novogratz noted - but he thinks the crypto space represents a new investor identity beyond just looking for a return. “Finance will be disrupted by decentralized systems, I’m confident of that.”īitcoin is up about 45% this year and nearly 300% over the past 12 months, according to CoinDesk. “Bubbles and manias happen around things that fundamentally change the way we think,” Novogratz told CNN’s Julia Chatterley during the event. At a CNN Business’ Foreseeable Future live event Thursday, he encouraged investors to look past the often massive daily swings that bitcoin takes and look at the bigger picture. Mike Novogratz, founder and CEO of crypto fund Galaxy Digital, is among the world’s biggest believers in the potential for cryptocurrencies. Ask a believer, and they’ll tell you it’s a bubble that will keep expanding forever. Ask a skeptic, and they’ll tell you it’s a bubble that’s about to pop. Bitcoin is among the most polarizing investments in history.
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