Billionaire investor Mike Novogratz talked about cryptocurrencies and Bitcoin (BTC).

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Novogratz, who was a guest on CNBC’s Squawk Box program, made statements about the latest price movements of Bitcoin (BTC).

Bitcoin’s Price Movements

Novogratz, feeling the bad effects of the FUD due to the pressure in China, thinks that Bitcoin may go into consolidation mode soon.

“The asset is consolidating in the $30-35k range. It seems that right now Asia is selling Bitcoin while the US is buying it back. We’re seeing new money flowing into crypto funds, venture funds, and hedge funds. Thus, a large number of purchases occurred at the beginning of the month. Besides Bitcoin, we see that Ethereum (ETH) also has good moves.

Asians keep selling, right? I mean, China has declared war on cryptocurrency as part of a wider cold war that we are entering. So I still think we just digested it.”

Crypto Regulations

Novogratz believes regulatory clarity will be good for the cryptocurrency space. However, in order for the regulations to take place, the US Congress must focus on the issue. The SEC has no such authority.

“Gary Gensler would love to regulate all cryptocurrencies. But he has no authority, does he? It needs Congress to authorize them, and it’s a pretty tight convention. We’ll see what they’ll do in the end.

But I think even if you have the authority, once you have the rules, I think that would be a relief for the market. No matter how smart our politicians are, they know very little about crypto. We should do a better job of educating them.”