Galaxy Digital CEO Mike Novogratz outlines competitive risks from Wall Street banks entering crypto trading desks.
Opinion
Novogratz: Bitcoin is finished as a project and serves as digital gold
“Bitcoin's kind of done. The project is finished. It's good enough to be decentralized gold. It doesn't have to change.”
Assertion Not checkable as stated
Novogratz: Only offshore crypto exchanges with loose KYC are making real money
“The only place people are making real money is in the retail exchanges, and most of them offshore where they're taking all kinds of regulatory. They have more regulatory Movement. You know, not as tight on the KYC stuff, and so Binance, and Bitfinex, and I mea…”
Prediction Not checkable as stated
Novogratz: Web3 protocols are 2 to 4 years away from real usability
“Now, Ethereum, and Algorand, and EOS, and Dfinity, and all of these other protocols are vying to be Web. This decentralized global supercomputer where we process data in a private or cryptographic way to retain our privacy and bring efficiency, and this wonder…”
Insight
Novogratz: Web3 cloud protocols target a smaller market than Bitcoin's digital gold
“The whole market clap of the cloud is less than a trillion dollars. So it's one-tenth of gold. Amazon's cloud, Google's cloud, Alibaba's cloud, take their cloud earnings, put a market cap. This is rough, rough math, but it's not eight trillion. And so that gro…”
Insight
Novogratz: Macro Traders Almost Never Successfully Automate Their Intuition
“None of us, Most macro traders, and I've tried quant businesses over and over, have really ever been successful at programming themselves.”
Opinion
Novogratz: Traditional VC funds misunderstand how to handle early crypto liquidity
“Even still, I think some of the great VC funds, they don't understand how to sell. And this isn't VC. This is kind of VC where the liquidity comes way too early.”