Open Book with Anthony Scaramucci America’s Affordability Crisis, Zohran Mamdani, Trump's Economy, & Crypto’s Lost Momentum
Dec 23, 2025
Michael Novogratz, Founder and CEO of Galaxy Digital, shares his insights as a macro and crypto investor. He discusses the uneasy optimism in the markets, driven by Fed rate cuts and Trump's economic policies, while cautioning about the widening wealth gap. Housing affordability emerges as a critical issue, with half of Americans earning below the threshold needed to buy homes. Novogratz also highlights the transformative power of tokenization and reflects on Abu Dhabi's rising status as a financial hub. His perspectives on the crypto market’s challenges reveal the psychological landscape investors face.
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Lower Inflation And AI's Mixed Impact
- Inflation appears to be trending lower, which will make the Fed and appointees more comfortable cutting rates.
- Novogratz warns AI-driven productivity could be deflationary but adds uncertainty about labor and wages over 6–24 months.
MAG-7 Earnings Justify High Valuations
- Big MAG-7 tech firms are driving market valuations but growing earnings quickly, which can justify current multiples.
- Novogratz argues dominant tech names may not be as expensive once forward earnings are recognized.
Tokenization Expands Global Equity Demand
- Tokenization of equities could broaden global access to major brands for investors in emerging markets.
- Novogratz expects increased demand worldwide for tokenized shares of dominant companies.