Mike Novogratz on Why Bitcoin, "a Big FU to the System," Needs Institutions - Ep.98

Unchained

Laura Shin

Business News, News, Tech News

4.6 • 1.3K Ratings

🗓️ 18 December 2018

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Mike Novogratz, founder and CEO of Galaxy Digital Holdings, describes the company's services and products, why it's launching a credit offering, and why he pivoted from his original intention to launch a crypto hedge fund and then pivoted again from working with ICOs to serving institutional players. He talks about why, if he had the chance to go public again, he wouldn't do it, why Galaxy's stock fell so precipitously one day that trading was halted, and why he thinks the SEC has made it clear the ICO markets are closed. He also talks about why, on the way to democratizing finance, the crypto markets need to "take a step back" and start with institutions, why decentralization is important, and why he thinks the launch of Bakkt is the most important news in the crypto space this year. Plus, Mike surmises as to how consumers will start using crypto, but believes it won’t replace fiat in the Western world. Thank you to our sponsors! Microsoft: aka.ms/unchained CipherTrace: https://ciphertrace.com/unchained Episode links: Galaxy Digital: https://www.galaxydigital.io Galaxy Digital's losses so far this year: https://www.bloomberg.com/news/articles/2018-11-28/novogratz-s-crypto-trading-desk-lost-136-million-in-nine-months https://www.bloomberg.com/news/articles/2018-07-26/novogratz-s-galaxy-digital-sees-134-million-loss-on-crypto-drop Unchained episode about security tokens: http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77 Unchained interview with Philip Rosedale of High Fidelity: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable Unconfirmed episode with Tom Jessop of Fidelity Digital Assets: http://unconfirmed.libsyn.com/fidelity-digital-asset-services-tom-jessop-on-why-its-serving-institutional-clients-first-ep043 Unchained podcast with Arthur Hayes of Bitmex: http://unchainedpodcast.co/arthur-hayes-of-bitmex-on-why-countries-will-turn-to-digital-cash-ep63 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Krakhan.
0:03.0	Crypto is like finance, but different.
0:06.0	It doesn't care when you invest, trade or save, do it on weekends,
0:11.0	or at 5 a.m.
0:12.0	Or on Christmas Day, at 5 a.m. or on Christmas day at 5 a.m.
0:15.2	crypto is finance for everyone, everywhere all the time.
0:19.4	Visit crackin.com slash see what crypto can be to learn more. Don't invest unless you're prepared to lose all the money you invest
0:25.4	This is a high-risk investment and you should not expect to be protected if something goes wrong
0:29.8	This winter memberships will never be the same again.
0:33.5	Amazon Prime presents, Eddie Murphy's new Christmas movie, Candy Kane Lane, and Fast Delivery.
0:39.0	All for 899 a month.
0:41.0	I've got to sign up now.
0:42.0	Get great entertainment and fast delivery all for 899 a month it's on prime
0:48.0	geographic restrictions and tesencies apply 18 plus
0:50.8	Hi everyone Laura here a quick note before we dive into today's show. The 100th episode of
0:57.6	Unchained is coming up. I know, hard to believe. Side note for those of you keeping score at home included in the count were special recordings
1:05.8	from conferences.
1:07.8	For the 100th episode, I want to hear from you.
1:11.5	Send me a voicemail or an audio recording telling us your name, where you're from, and anything else you'd like to say related to the show.
1:19.0	Whether it's what you've learned from Unchained, your favorite moment or guest, how you listen, or whatever else you like to say.
1:26.6	Then finish it off with a prediction about what will happen in the crypto space in 2019.
1:31.4	You can easily record a message on the voice memos app of your smartphone or using an app on your computer.
	...

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