Bitcoin [BTC] during the financial crisis was an “FU to the system”, says Mike Novogratz


Mike Novogratz spoke to Luara Shin on the Unchained podcast about how he got into Bitcoin along with Peter Briger and Dan Morehead after the U.S. had seen a horrible recession and the European recession was underway.

He also said how Bitcoin and the new technology that it brought along was a big FU to the system. Novogratz said that his friend, Peter Briger, who was a friend of Wences Casares called him up and asked if he knew about Bitcoin and recommended that he should buy Bitcoin.

He continued:

“I Googled it, I’ve been a currency trader for the big portion of my life and a speculator, and so it took me about fifteen minutes of internet searching to say “hey this is going to work for simple reasons”, I didn’t think it was gonna work for real but it was gonna be a great speculative asset.”

Novogratz added that the world had already seen the financial crisis around ’08 and ’09 and that Europe was having its financial crisis in 2012 which had led people to lose faith in the government and centralized authority.

Furthermore, he said:

“Then you had this group that were very worried about the financial system… then you had this another group of cypherpunks, libertarian, anarchists and live off the grid people…and the technology standard was really cool, there were a great speculative bubbles happening that you could get your arms around, it was an FU to the system.”

He then spoke about how Briger and he were discussing getting into Bitcoin, which led them to call up Dan Morehead, who also decided to get into Bitcoin.

Novogratz said:

“After his [Dan Morehead] two weeks of study we partnered up Fortress and Pantera, me, Pete and Dan. And Dan put a lot of money into it, which kind of shamed Pete and I to put more money into it… we made a lot of money, partly because Dan put three times of what we were thinking and so we matched him.”

He also explained how he became an accidental spokesman of Bitcoin at a press conference because when asked about Frontier Currency he advocated investing in Bitcoin and even predicted that Bitcoin would go to $1,000 when it was trading at $200.

Novogratz said:

“That made me a Bitcoin guy, and every time I went on TV to talk about macro, they’d ask me about Bitcoin and I got inveted to speak at places and I became an accidental spokesman.”

A Twitter user xmrhaelen commented:

“Great interview! @novogratz I am curious if your team has taken a close look at @monero and identified any significant roadblocks for institutional access?”

A user @pray4crypto replied:

“‘your job is to sort your shit out…to understand who you are……and that process can be therapy, ayahuasca, psilocybin, long walks, meditation’……Much respect Novo!”

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