Billionaire Mike Novogratz, CEO of Galaxy Digital, is predicting a massive influx of cash into the Bitcoin and cryptocurrency markets. He believes this is due to an upcoming executive order from President Trump.
401(k)s Get Crypto-Friendly?
A senior White House official revealed that the executive order will instruct the U.S. Secretary of Labor to review current regulations. The goal is to allow 401(k) retirement plans and similar accounts to invest in cryptocurrencies. Novogratz calls this a “game-changer” for the crypto industry.
A “Monster” Market Opportunity
Novogratz highlighted the sheer size of the potential investment: “That’s a monster pool of capital,” he said, referring to the possibility of trillions of dollars in 401(k) funds flowing into crypto. He believes this, along with other factors, will significantly increase crypto adoption.
According to the Investment Company Institute, Americans hold a staggering $12.2 trillion in employer-sponsored retirement plans, with roughly $8.7 trillion in 401(k)s alone.
Bitcoin Price Surge
News of the impending executive order has already boosted Bitcoin’s price. At the time of writing, Bitcoin is trading at $116,420, a 1.61% increase over the past 24 hours.
Disclaimer:
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies, which are inherently risky./p>