Crypto, Web3, and DeFi — with Mike Novogratz

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Key Takeaways

  • Bitcoin, Web 3, DeFi, and NFTs are changing property, finance, art, exchange, and investing.
  • With over 200 million users, Bitcoin may be the greatest brand ever created.
  • Banks, financial instituitons, and exchanges will be disrupted by crypto

Intro

  •  Bestselling author and business professor Scott Galloway (@profgalloway) interviews the Founder and CEO of Galaxy Digital Mike Novogratz (@Novogratz) about the current cryptocurrency market.

Initial Interest in Crypto

  • Novogratz was drawn to crypto because he saw it as a “little man’s revolution.” An F U to the system. And the potential speculative play.
  • He became a major spokepsperson for crypto after publically disclosing his interest in the space. He became more impressed by the community and products the more he learned.
  • Galaxy Digital is trying to be a marriage between Wall St. and Crypto.

Crypto Overview

  • Bitcoin – Best brand of the space and maybe best brand of the last 100 years – Novogratz.
    • It’s an asset being adopted by people to store value.
  • Web 3 – Ethereum and Ethereum-lookalikes. Novogratz calls this the “Internet of value exchange” and it’s more exciting to him.
    • It’s establishing the base layer of trust by building a global decentralized super computer that authenticates data. A giant spreadsheet.
    • Novogratz compares Eth to the Iphone. It’s the base layer that people will build applications on.
  • NFTs– Just getting started according to Novogrataz.
    • NFTs will be the ultimate status symbol in the metaverse.
    • Many projects will not have value in the future but the architecture (Authentic digital identity) will change the way we think.
  • DeFi – Open source code that allows peer to peer trading. It will revolutionize finance because it’s a better product. There’s instant settlement and people can build on what other people built.

Words of Wisdom

  • Novogratz suggest a portfolio of 1/3 bitcoin, 1/3 ethereuem, and 1/3 venture bets.
  • Not everybody should be their own portfolio manager or financial advisor.
  • Volatility of crypto is nearly 100% or more. There may be a gigantic shakeout in the near future. “The definition of insanity is to trade this with leverage.”
  • Advice to a 25 year old – Follow the thought leaders and learn via Youtube and Twitter. And travel to see how the world works.
  • Novogratz sees regulation as a good thing and would encourage founders to be transparent with their holdings to avoid trouble.
  • Banks and exchanges are at a great risk of disruption as they lose their monopoly on money.

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Notes By Paul Keating

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