Janice R. Andrews
Bloomberg CEO Michael Novogratz talked about how he thinks the upcoming presidential election will affect the cryptocurrency market at the Future Proof Festival in Huntington Beach. Yahoo Finance’s Julie Hyman talked to him about the release of three new crypto ETFs by Galaxy Digital and State Street. The ETFs are the SPDR Galaxy Digital Asset Ecosystem (DECO), the SPDR Galaxy Hedged Digital Asset Ecosystem (HECO), and the SPDR Galaxy Transformative Tech Accelerators (TEKX).
Novogratz talked about how these ETFs could be useful and said they could “change the game” for crypto investment. Options now let investors protect their positions and make money from both long and short positions in the crypto market. He thinks that the ETFs will bring in new investors, which will make the market more active.
Novogratz thinks that the U.S. national debt and the upcoming election could have an effect on the future of cryptocurrencies, especially Bitcoin, as buyers look for options to the economy.
