Steve Kurz, Global Head of Asset Management at Galaxy Digital, has painted an optimistic picture for Bitcoin and the broader cryptocurrency market, declaring that the U.S. government’s crackdown on crypto is “officially over.”
On CNBC’s Fast Money, Kurz discussed the growing institutional interest in crypto and its evolving regulatory environment as key factors for sector growth. He noted that major institutional investors are considering crypto as a viable investment avenue, spurred by improved market performance and the success of Bitcoin ETFs. Kurz predicts a significant increase in the stablecoin market, with its market cap projected to rise from $216 billion to $500 billion, driven by faster settlement times, lower costs, and strong product-market fit.
“We don’t need to do anything except put more fuel on that fire,”
Kurz said.
Kurz addressed the long-standing issue of crypto regulation, describing it as a “chicken and egg” scenario that has hindered the development of solid use cases beyond Bitcoin’s role as digital gold. He stressed the need for clear frameworks around market structure and the classification of digital assets to unlock the industry’s full potential.
The Head of Asset Management highlighted a notable change in U.S. regulations, with lawmakers increasingly engaging with the DeFi sector. He referenced recent executive orders and regulatory actions as indicators of this progress, motivating crypto builders to return to the U.S.
When asked about the most impactful regulatory move for Bitcoin’s growth, he highlighted that establishing clear guidelines on securities is crucial for Bitcoin’s growth, as it would remove barriers to innovation and promote further sector development.
Kurz’s optimism echoes sentiments shared by Galaxy Digital CEO Michael Novogratz, who has previously highlighted the unique role of memecoins in the crypto ecosystem. Novogratz described memecoins as a “fundamental part of the cryptocurrency world,” emphasizing their influence as one of the “most powerful narratives out there.”
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