3/5 🧵 Mike Novogratz agrees on the upside case, but he puts a giant asterisk on it: regulatory clarity. His view is that if Washington gives the crypto industry clearer rules, institutions get more comfortable, risk perception drops, and bullish momentum gets real fuel. If that clarity stalls, the rally case gets weaker. So this isn’t “number go up because vibes.” It’s “number go up if policy stops acting like a fog machine.”
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