Raoul Pal: The Journey Man Mike Novogratz: How Tokenization Will Redefine Wall Street Forever
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Oct 16, 2025 
Mike Novogratz, Founder and CEO of Galaxy Digital and a veteran in crypto and digital assets, discusses the potential transformation of Wall Street through tokenization. He highlights the strange macroeconomic conditions and how they set the stage for a risk-asset boom. Mike delves into regulatory challenges and their impact on decentralized finance, while outlining Galaxy's pivot from crypto finance to AI-driven infrastructure. He also shares insights on liquidity dynamics in tokenized markets and the risks and opportunities of asset tokenization.
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Weird Macro Setup Favors Risk Assets
- The current macro era mixes strong growth with rising debt and political chaos, creating conditions for a risk-asset melt-up.
- Novogratz sees Fed easing and weaker dollar policy as a catalyst for continued upside in risk assets.
Crypto Moves On Narrative And Marginal Flows
- Crypto's moves depend heavily on narrative and marginal flows rather than fundamentals alone.
- Recent selling was driven by long-term holders and miners trimming into gains, which set back momentum.
Position For Institutional Tokenization Wave
- Prepare for rapid institutional adoption once a market-structure bill clarifies tokens as commodities or securities.
- Position firms to offer custody, tokenization and on-chain services to capture TradeFi inflows.