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Crypto Mogul Mike Novogratz Takes Jab at Senator Warren

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Thu, 9/03/2023 - 7:04
Crypto Mogul Mike Novogratz Takes Jab at Senator Warren
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Crypto investor and founder of Galaxy Digital Mike Novogratz tweeted a jab at U.S. Senator Elizabeth Warren after she criticized Silvergate, the crypto industry's bank of choice.

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In his tweet, Novogratz sarcastically praised Warren for being "so smart" and suggested that people should ask her about Modern Monetary Theory (MMT), which he said is a "brilliant idea."

He also commented that Bitcoin could not ask for a better partner than Warren.

He implied that Warren's comments about Silvergate Bank's activities and the need for regulation are misguided and reflect her lack of understanding of the benefits of cryptocurrencies, especially Bitcoin (BTC).

The tweet came after Silvergate announced that it was winding down operations and voluntarily liquidating due to losses from the downfall of FTX, a crypto exchange.

Warren had warned of Silvergate's "risky, if not illegal" activity and called for regulators to step up against crypto risk.

Silvergate's decision to shut down highlights the extent of the impact on the digital asset industry of the collapse of FTX.

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The failed bank reportedly lost $1 billion in the fourth quarter. Several of its partners, including high-profile names such as Coinbase and Novogratz's own Galaxy Digital, have scrambled to distance themselves from the beleaguered bank.

As reported by U.Today, Warren, who has positioned herself as one of the leading anti-crypto voices, has started recruiting conservative Senate Republicans to support her crypto legislation. The hotly contested legislation is meant to implement tougher anti-money-laundering restrictions.

Novogratz's tweet is another example of how those in the crypto industry are becoming increasingly vocal in their criticism of Warren and her stance on crypto.

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