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The Pomp Podcast
#1334 Mike Novogratz | Billionaire Reveals Why Bitcoin Keeps Going Up
Mar 28, 2024
Billionaire Mike Novogratz discusses macro environment, Bitcoin, political overlay, regulation, and Galaxy's initiatives. Topics include Base's Ethereum L2, PropyKeys for minting home addresses on blockchain, Bitcoin's evolution, Galaxy's operations, and market dynamics with price predictions.
30:56
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Quick takeaways
- Bitcoin's appeal to Novogratz stemmed from macro asset potential amid waning government faith, emphasizing its decentralized origin over institutional focus.
- Institutional adoption of Bitcoin is growing, with tokenization expanding to various assets like sports teams and real estate, facilitating digitization of traditional financial instruments.
Deep dives
Bitcoin as a Macro Asset and Starting Galaxy
Bitcoin initially appealed to Mike Novogratz as a macro asset due to concerns about inflation post the European financial crises. His early investment approach was influenced by the asset's potential as an inflation hedge, especially during a period when faith in governments was waning. Novogratz found Bitcoin's origin as a global asset fascinating, noting its widespread participation during the 2017 bubble. He reflected on the mistake of initially focusing on building an institutional business rather than embracing Bitcoin's origins as a decentralized and people-driven asset.
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