On June 6th, in an interview with Bloomberg, Mike Novogratz, the CEO, and Founder of Galaxy Digital Capital Management, shared his views on cryptocurrencies and the regulations surrounding them.
Ranked a billionaire by Forbes in 2007 and 2008, Novogratz is also a former hedge fund manager and a Wall Street veteran.
He started by talking about what cryptocurrencies and blockchain technology is to him. He said:
“I see this crypto revolution as internet 3.0.. in 15 years we’ll look back and the blockchain would have changed a ton”
Novogratz further added that cryptocurrencies will be pretty big, irrespective of whether they are better than the internet or not. According to him, cryptocurrency is a perfect asset for a macro trader.
He went on to explain the time when he first ‘stumbled on cryptocurrency’ in 2012 during the financial crises. He said:
“…..there was a sense of distrust with fiat currencies and central banks in that situation… people who were worried about inflation were thinking about embracing this new technology[cryptocurrency] and deciding that it could be a new asset, due to the distributed system and not having to trust the center.”
“I’m getting close to understanding it”, he disclosed when asked about his understanding of cryptocurrency and the technology associated with it.
“what’s unique about Satoshi’s breakthrough, is his whitepaper.. it is almost like two different Nobel Prizes, one of them is computer science creating this idea of a distributed trust ledger..”
He believes that blockchain is not fast enough and as more people start using it, it will only become slower.
He continues explaining the other aspect of Satoshi’s whitepaper. He said:
“The other is the idea of token economics, using a token as an incentive to quickly create social networks for people going in the same direction and that opens up all kind of new business models that weren’t there before. Putting these two things together makes it a very powerful force.”
He further acknowledges the fact that even though he had started investing in 2012, 6 years later, he doesn’t quite know everything about cryptocurrency.
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