This is at Goldman Sachs, where we discuss developments currently shaping markets, industries, and the global economy.

I'm Allison Nathan, senior strategist in Golomisax research, and creator and editor of the firm's top of

mind report, which focuses on macroeconomic issues on the minds of our clients.

In this episode, we focus on a topic that seems to be everywhere right now,

crypto.

Cryptocurrency prices have remained extremely volatile on news about regulatory crackdowns, environmental concerns,

and heightened tax scrutiny. But this latest bout of volatility has occurred even as interest

in crypto assets from credible investors has been

rising and legacy financial institutions including ourselves have been

launching new crypto products and services. Amid the recent volatility, we're focusing on whether

crypto assets can be considered an institutional asset class. I first turned to

Mike Novograt's, co-founder and CEO of Galaxy Digital Holdings, which is active in crypto investing in trading,

asset management, and venture financing to discuss why the current period of volatility

is different from past boom and bus cycles for crypto assets.

You've been very invested and interested in crypto for a while now and it's had its

fit to start. Think about 2017-2018. What makes this time different?

2017-2018 was a classic speculative mania. It was the first global speculative

mania we ever had. It was the first global speculative mania we ever had. It was the first surety

retail-driven speculative mania. And it was blind excitement. It's not that we don't see

excess now or knucklehead Twitter comments now or cheerleading and tribalism now.

We do.

But back then that's all we saw.

...