Empire

The Art of Trading and Galaxy’s Next Chapter | Mike Novogratz

46 snips
Sep 30, 2025
Guest
Mike Novogratz
Mike Novogratz, founder and CEO of Galaxy, shares his journey from macro trader to crypto innovator. He discusses how the decline of trust in institutions is fueling crypto communities, likening their fervor to mini-religions. Delving into economic forecasts, he critiques Fed policies and explores AI's dual impact on jobs and productivity. He addresses Galaxy's strategic data center initiative, emphasizing risk management in investing. With insights on diversifying assets—Bitcoin, gold, and Chinese equities—Novogratz provides a compelling look at the future of finance.
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INSIGHT

Community As The Core Asset

  • Mike Novogratz says community, not technology, is the core value driver for Bitcoin and many modern public companies.
  • Mimetic communities can turn companies into quasi-assets that trade at premium multiples.
INSIGHT

Fed Cuts Are Risky With Hot Inflation

  • Novogratz warns a Fed cut while inflation and asset prices are high is risky and could accelerate inflation.
  • He would have preferred a limited, cautious cut rather than an aggressive pivot now.
INSIGHT

AI Adds Macro Uncertainty

  • AI introduces large uncertainty: it could be a huge productivity boost or a significant job destroyer.
  • This ambiguity makes macro forecasting unusually difficult over the next few years.
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