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Regulations or Not, Moguls Mike Novogratz and John McAfee Predict Trillions Coming to Crypto

The United States Securities and Exchange Commission announced that they wouldn’t be bending existing rules on the definition of securities to cater to cryptocurrency and tech legend and cryptocurrency advocate John McAfee is not happy about it. Fresh off his 2020 presidential run announcement, and his “Declaration of Currency Independence”, McAfee has demanded a debate with the SEC Chairman Jay Clayton. He has also asked his social media following and fellow cryptocurrency enthusiasts to flood the SEC with calls and messages demanding further discussion.

While angry at what he views to be regulatory roadblocks, Mcafee is noted for repeating the sentiment that the government cannot control cryptocurrency or its users.  

He expressed his anarchic views on Twitter:

Either way it seems, with regulations or without, McAfee remains confident in his opinion that money will continue to pour in the the crypto sector.

McAfee added additional thoughts in another tweet:

Billionaire investor Mike Novogratz doesn’t seem to show the disdain for traditional financial institutions that McAfee has displayed, but they do agree about trillions of dollars entering the crypto space sooner rather than later.  Novogratz, the former Goldman Sachs trader, has been bullish on Bitcoin for a while, and remains optimistic about the growth of the cryptocurrency market. At the Bloomberg Invest Summit in New York he told Erik Schatzker that a possible 20 trillion dollar domino effect of whales could be on its way.  

“It won’t go there right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail”

Novogratz May very well be hoping that regulations bring more financial institutions into the cryptocurrency party.  He also called regulation of the cryptocurrency markets “healthy” and made it clear that he thinks that this is no passing fad.  Novogratz referred to cryptocurrency as a “global revolution” and insisted that this was different from the internet bubble of the 90s. “There are kids in Bangladesh buying coins. It is monstrous in Tokyo, in South Korea, in China, in India, and in Russia. We’ve got a global market and a global mania. This will feel like a bubble when we’re at $20 trillion.”

Writer, producer, cryptocurrency enthusiast.

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