The Defiant12 Mar 2021

"I Don't Think We're in a Bubble. We Had a Bubble in ‘17; Now We're in a Movement:" Mike Novogratz

In this week’s episode we speak with Mike Novogratz, the CEO of Galaxy Digital. He started his career at Goldman Sachs and then led a macro hedge fund at Fortress, which was shuttered in 2015. He then went all-in on crypto, in part thanks to convincing from his college roommate Joe Lubin, and founded Galaxy Digital, an investment bank for digital assets. After grinding through the 2018 and 2019 bear market, Mike says he can finally breathe. He is convinced that Bitcoin is finally derisked.

While Bitcoin is firmly established as digital gold, to him, Ethereum is a venture bet because it’s not totally finished yet. It's getting there, and so the bet is it's going to happen, not that it's happened. Novo is wildly bullish DeFi. He says the threat to the banking system and payments is DeFi, not Bitcoin. But that also means the big guys are going to fight back with lobbying and regulation because protocols like Uniswap and Aave are going after their business.

About the hype and rally in the crypto market, Novo says this time it’s different. Unlike in 2017, he doesn’t believe we’re in a bubble. He says we’re in a movement.

Big thanks to our sponsors:

Zerion, a simple interface to access and use decentralized finance
Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at https://balancer.finance/!
Casper, an enterprise-focused blockchain which aims to introduce unprecedented security, speed and scale for businesses
Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi

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