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Mike Novogratz Says DeFi, Not Bitcoin Is The Main Threat To The Banks

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rollandthomas
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Mike Novogratz is a former Goldman Sachs partner and now represents Wall Street's transformation to Crypto. He is now CEO of Galaxy Digital CEO.

Galaxy Digital Holdings Ltd. is a limited partner in Galaxy Digital LP, a merchant banking institution dedicated to the digital assets and blockchain technology sector. So what does Galaxy really do, they are facilitating the infrastructure needed to get Wallstreet money and high net wealth earnings into the crypto space.

So if there is anybody to listen to out there in the crypto space, it’s Mike. Although Bitcoin is off its highs and supposed to be an inflation hedge Bitcoin still up 60% vs. the S&P 500 being flat this year. The reason, in the last two months Bitcoin and crypto and blockchain have become an Institutional asset class and there isn’t any more debate about it.

Mike said you have JP Morgan to telling their clients they should put 1%-2% of their net worth in Bitcoin. Morgan Stanley, Goldman Sachs and all the tech companies getting involved because we are in the middle of a paradigm shift…it’s one of the reasons Bitcoin is wildly outperforming gold even though there both hedging the same thing.

Bitcoin is outperforming because we're in a once in a generational adoption of crypto and banks are frantically trying to figure out how to get into crypto. Take JP Morgan for example, as they made a fortune in cross-border payments to the tune of $11 billion and now they want a piece of the stable coin market.

Mike made an interesting comment during the interview. He said Bitcoin isn’t a threat to the Banks, but DeFi is so they are investing a boat load of money in to DeFi projects.

In the interview Mike so talks about Dogecoin, Dallas Mavericks and of course NFTs.

https://www.youtube.com/watch?v=5GTj_ciethI

Video Source: https://www.youtube.com/c/BloombergTech/videos

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