Mike Novogratz on BTC, Immigration, and the Ayahuasca Trip That Inspired Billions | Spotlight

Nov 18, 2025

Mike Novogratz, founder and CEO of Galaxy Digital and a former Wall Street banker, shares his insights on Bitcoin as digital gold and the transformative potential of crypto amidst rising national debt and inequality. He discusses the impact of community-driven tokens, critiques billionaire leadership, and advocates for criminal justice reform. A fascinating highlight is his ayahuasca experience, which inspired a memorable scene in the show Billions. Novogratz’s journey intertwines personal stories with broader economic narratives, providing a compelling look at the future of finance.

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INSIGHT

Inequality Fuels Crypto's Moment

Novogratz frames current US inequality as a "tale of two cities": huge gains for the wealthy and hardship for everyone else.
He says currency debasement fuels populism and creates a "golden era" for crypto.

ANECDOTE

Childhood Leaf-For-Candy Scheme

Novogratz sold colored leaves as a child to buy candy and travel to national parks.
He links that early money lesson to selling "magic internet money" today.

INSIGHT

Value Comes From Shared Narrative

Novogratz argues crypto's value is primarily a social narrative that people agree has value.
He says storytelling is central because consensus, not the chain, grants value.

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Insights into the past, present and future of crypto with Mike Novogratz.

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Galaxy Digital founder and CEO Mike Novogratz joins "CoinDesk Spotlight" to discuss why the $38 trillion national debt has created a "golden era" for crypto. Novogratz breaks down the power of the XRP Army, his timeline for a $1 million bitcoin, and Galaxy's IPO journey. Plus, he shares his concerns about a "bull market in populism" and the story of how his ayahuasca trip inspired a scene in the show Billions.

- This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes. -

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Timestamps:

01:42 - When Did Novogratz First Know Money Mattered?
07:26 - “What’s Cool About Bitcoin Is There’s No CEO”
12:44 - XRP's Fierce Community and Success
14:32 - How Did We Get Here: America's Financial "Tale of Two Cities"
15:47 - How Sustainable Are Crypto Communities?
17:49 - Novogratz's Take on Mamdani and Crypto in NYC
22:15 - Would He Ever Run for Office?
25:38 - Is Crypto at Risk of Replicating Same Challenges From TradFi?
29:26 - His Work on Criminal Justice Reform
33:32 - How Novogratz's Upbringing Shaped Him
37:10 - On Immigration Policy and Where America is Headed
43:16 - Galaxy's IPO
45:19 - Top Crypto Asset Picks
47:33 - On D.C. and When Market Structure Legislation Will Pass
49:43 - "Crypto Is a Report Card on How the Country Is Doing"
52:03 - Can a BTC Treasury Address National Debt? "It’s Kind of Smoke and Mirrors"
53:35 - Novogratz's Most Rewarding Project
57:28 - Advice to His Younger Self
59:36 - Where Did His Intense Risk Appetite Come From?
01:01:14 - The Ayahuasca Journey That Inspired 'Billions'

This episode was hosted by Jennifer Sanasie. “CoinDesk Spotlight” is produced by Sam Ewen, Jennifer Sanasie, Taylor Fleming and Victor Chen.