Mike Novogratz – The Perfect Macro Story

Published on
December 18th, 2020
Duration
55 minutes

Latest Crypto Videos



Mike Novogratz – The Perfect Macro Story

The Interview - Crypto ·
Featuring Mike Novogratz and Raoul Pal

Published on: December 18th, 2020 • Duration: 55 minutes

Mike Novogratz, CEO of Galaxy Digital Holdings, joins Real Vision ceo Raoul Pal to discuss investing in the crypto space, the risk curve, and accelerating crypto adoption. Novogratz breaks down how he allocates his own crypto portfolio and touches on some of the lessons he learned in the 2017 crypto bubble. He explains the impact that COVID-19 had on crypto and the digitization of everything. Novogratz describes the different products and funds available through Galaxy Digital Holdings. Filmed on December 10, 2020. Key Learnings: The crypto investment space is growing quickly, and Novogratz shares some of the lessons learned from the previous crypto bubbles he has experienced. He explains the importance of staying rational, and touches on some of the key metrics he follows, such as, market cap and fully diluted market cap. Community and use or "pick up" of a project are core components he looks at when studying a new crypto investment.

Comments

Transcript

  • SW
    SEAN W.
    19 December 2020 @ 16:31
    Ultra progressive, ultra toxic. Shocking.
    • RP
      Raoul P. | Founder
      19 December 2020 @ 16:58
      Triggered because someone doesnt agree with your politics?
    • FH
      Francis H.
      19 December 2020 @ 22:24
      RP, Why the politics are important, left leaning politics are inherently anti free markets and danger to capitalism. The danger to digital currency will come from the left. They will take actions to tax, control. Free market capitalism is the only form of Govt. thats truly honest and allows for a Bitcoin, Facebook, Google. Thats why politics matter, IMO. Aloha
    • BB
      Beep B.
      19 December 2020 @ 23:11
      Yeah nominating Mike Novogratz for the ultimate hipocrite is better- hyping people like Robert Reich (can anyone find a less accurate economist? if you invested as Robert Reich says you would be absolutely broke), while actually investing like an anarcho capitalist. Moral of the story listen to what MIke Novogratz invests in, not his political hype.
    • TB
      Thomas B.
      21 December 2020 @ 03:03
      Lost me at Robert Reich....
    • km
      kristopher m.
      28 December 2020 @ 23:59
      Robert Reich......... LOL. That guy is as bad as it gets.
    • Mt
      Miami t.
      20 January 2021 @ 14:04
      Agree, can't stand that arrogance of him.
  • JA
    Johnny A.
    9 January 2021 @ 19:04
    OMG, tell that New York Noob to turn off his computer's notification sounds. Distracting as hell.
  • RD
    Russell D.
    31 December 2020 @ 08:54
    The usual timeframe for public comment on new government regulations was shortened to only 15 days for the proposed crypto regulation, and will not last until the next administration, as assumed in this segment. If you would like to sign a petition to extend the public comment period, see link below: https://www.change.org/p/united-states-department-of-the-treasury-extend-the-comment-period-sign-petition-to-stop-11th-hour-treasury-rulemaking?utm_content=cl_sharecopy_26483081_en-US%3A3&recruiter=1170576913&utm_source=share_petition&utm_medium=copylink&utm_campaign=share_petition&utm_term=share_petition
  • MN
    Mark N.
    18 December 2020 @ 17:29
    Incredible interview like everything Real Vision pumps out.. So impressive. Novagratz don’t fck it up with your political ideological bs. Poor taste mate.
    • GP
      Gregory P.
      18 December 2020 @ 23:27
      I think his heart is in the right place.
    • RP
      Raoul P. | Founder
      19 December 2020 @ 00:35
      Because it doesn't agreed with your politics? Come on, we are better than that..
    • km
      kristopher m.
      29 December 2020 @ 00:06
      RP he is stating that N. should leave out his politics. He reminds me of folks hard right after Trump won. Emboldened. OK. But remember most people prefer you leave that shit at home or cocktail hour with your boys. Politics are for us commentators................ Nobody gives a shit what we say.
  • TZ
    Toomas Z.
    20 December 2020 @ 22:54
    Corporate capital in crypto will draw serious aggro from central banks/govt, eventually. Imagine it's peak cycle 2023, there's $3 trillion corporate/pension fund/private investor capital in crypto. The bear market comes. Does this mean that the Fed (or who bails it out? the market is not based in any country) HAS to bail it out or risk/guarantee a liquidity crisis and severe market crash/fire sale on most other assets? Even if the Fed only bails out the stock/bond market with printed money purchases, they are going to be really angry and will almost certainly result in attempts to kill bitcoin, with most companies put off from investments basically forever. When it is going up, everyone is happy, but most companies, particularly with modern day debt levels and just in time manufacturing/free cash flow/capital requirements simply cannot stomach 50%+ declines of their balance sheet. I think this whole SoV argument is looking for a use case where there isn't one, with incredible marketing and alluring gains attracting investors. It will come back to bite not only Bitcoin but the entire crypto industry in the next bear market, and rather unnecessarily. There are other, real legit use cases that are based on utility that would show slow, long term increases in a market not driven by Bitcoin that would eventually transform the way commerce is done. With S2F supply shocks the volatility causes addictive % gains that attracts so many people with promises of making life changing money, which it does deliver on, but in the next bear market with it probably being much more systemically ingrained, any significant price declines will need bailouts in a similar fashion to traditional markets, or risk collapsing the whole system. Many people will dislike this view, but I don't think it's one that has been thought about much. Welcome to constructive criticism, and if you believe I am wrong somewhere, please discuss.
    • GG
      Getty G.
      26 December 2020 @ 03:37
      I do appreciate the constructive criticism. Although I may be long DLTs and motivated to see large upside growth, it's worthwhile to think about how the future inevitable crypto winter will play out. First, I believe all institutions will have done thorough chart analysis to recognize that crypto winters can yield 80+% drops, and will have a trading desk to hit the exits where appropriate based upon their cash flow needs. Second, these organizations will likely have sufficient capital planning such that if HODLing is the objective, they will have sufficient free cash to dollar cost average downward and view it as a buying opportunity. This point, may also create a price floor higher than a -80% crypto winter since deeper pockets have a better ability to weather the storm than past retail investors, resulting in a (possibly) better draw-down. With regard to crypto on the balance sheet problem, if it's cash flow the institution immediately needs, then they should have weaker hands and will likely cash out early - no bailout required. In the case of BTC as an investment asset, such as Mass Mutual, it's substituting for gold where the holder already had very large draw-down models. Sure, the BTC drawdown model will be larger than gold, but with currently a smaller allocation. All is safe in the net portfolio drawdown model. Any corporation that invests so heavily in crypto that it is brought to its' knees by crypto winter will likely be viewed as ineffective stewards of capital and will hopefully be left to the bankruptcy courts. Better yet - let a DAO form in the wake of that failed corporate entity.
    • km
      kristopher m.
      28 December 2020 @ 23:34
      I agree, I also wonder how the world looks in 10 or 20 years if Crypto makes a young generation of "halves" ridiculously wealthy, and increasing the problems (and optics) we already have with the wealth GAP. I think progressives have serious rose colored glasses on this modern utopia they think will be created when crypto truly meets or tries to mesh with FIAT. How exactly is a new bubble asset class going to actually solve enough problems to fix what is actually wrong. When it comes down to central banks either saving their fiat, and entrenched nationalistic systems and bailing out the masses I think Crypto takes a kick to the balls. Can you see what happens when the majority of folks over 35 are in the midst of a massive correction - and it looks like governments and or banks are saving a vaporware currency instead of keeping their company doors open, or their pension fund going? Transactional freedom, heck yes, sign me up. store of wealth, hell no. not in my lifetime. Ill throw some money into it just to be sure I catch the wave, but I will sell early with a smile on my face.
  • XJ
    XIAOTONG J.
    28 December 2020 @ 20:48
    Thanks so much for making this happen. Learned a bunch.
  • MC
    Matt C.
    20 December 2020 @ 00:41
    Figure out which "alt" project has the most Fortune 500 backing as direct council members, the most credentials, the most network usage, and actually is truly aBFT. Then ask yourself why it's never discussed. Then buy that project.
    • CS
      Carey S.
      28 December 2020 @ 07:25
      Sounds like Hedera..
  • WC
    William C.
    27 December 2020 @ 20:44
    It would be helpful, in discussing network effects, to emphasize how TRUST in BTC and ETH systems is a driving attraction in expanding the user set. Trust is established by the transparency of ledgers and constant verification. While trust is placed in gold, given its history, our attraction to it is limited because it is not a digital store of value. With fiat currency, trust is being lost at a rapid rate. By emphasizing the trust factor in the narrative on BTC and ETH, ever more will be attracted, reinforcing network effects.
  • EF
    Enrico F.
    26 December 2020 @ 15:24
    You should get your guests to take off their glasses during interviews.
  • JF
    Jason F.
    25 December 2020 @ 14:24
    I really like the interview One major issue: I am not a proponent solely of Litecoin but the comment around 3 minutes in on the guy that founded litecoin literally selling out on the high tick. While true that Charlie Lee did sell out his position in Litecoin, there were reasons he gave as to why he felt it was necessary for him to do to continue to promote the crypto realm without bias - He also has explained he did not sell out at the "high" which I would advise you to research rather than simply believing a hype story
  • MR
    Michael R.
    24 December 2020 @ 22:29
    There are 2 elements to this conversation: 1. Alts as purpose built compliments to Bitcoin 2. Use of Alts to stake SoV for derivatives. Both are valid. Alts have a purpose. Maximalists are staked around Bitcoin as King. Not in dispute, but for Bitcoin to be a reserve, the complimentary derivative markets must develop to fill that role. RV is awesome.
  • BS
    Barış S.
    24 December 2020 @ 21:21
    Fuck, I am gonna subscribe
  • AB
    Adrian B.
    24 December 2020 @ 00:29
    years ago was the mendeleev tabel i learned in school.cause our world was going around metals and our world was bulid around that.and also those things was valuable for a developing world.developing on the kind of base point and a base structure.now we kind of going on the "testnet" of what the future is gonna be.is a discovery time. i think is that in 30 years from now max whith all this internet and digitalized world it s gonna be same kind of thing but whith digitalized assets or cryptos cause in the future and in this developing world it s gonna be a "satoshi s tabel" whith some of the real value assets that gonna rule us for another long period of time.why? cause in the future if you think, the values who are changing the world is changing and how you build and shape the future of the world.is gonna be a digitalized world and the most powerfull assets or dominant wich shape the world we live will be digitalized assets.as 100 years ago was metals in the next 100 years will gonna be this digitalized "tools" (metals 100 years ago). my opinion hope makes sense
  • DK
    David K.
    20 December 2020 @ 18:35
    I issue I have with Novo.... He comes across as arrogant and egotistical and like all his interviews there's a plethora of condensing statements that smoother his message. Yes, he's a successful guy ( I guess ?) as it relates to wealth, but I have a real hard time taking him seriously. He's smug and filled with ego. I am also not a fan of his politics which is a form of evangelical progressivism....such a turn off!! Novo is the "P.T. Barnum" for BTC. Raoul, you run circles around this guy!!! Respectfully. DK
    • CC
      Charles C.
      23 December 2020 @ 23:07
      He's upfront about being progressive so take what you want and leave the rest as they say. If that doesn't work for you you can always get your crypto insights from Lou Dobbs or Maria Bartiromo.
  • GS
    Gerald S.
    22 December 2020 @ 21:41
    Gold does have real utility value. It is the preferred metal for electronics (electroplating) as well as semiconductors. Of course there is also its application in the jewelry industry, which is not only based on scarcity, but also on the metal's decorative characteristics.
  • PU
    Peter U.
    18 December 2020 @ 16:59
    Cyrpto is libertarian! You wish it were progressive because you let politics influence your thinking way too much! Surprised you haven't divorced your current wife and married AOL yet!
    • LS
      Lewis S.
      18 December 2020 @ 23:31
      What do you think progressive means? It means someone wants change. Wanting a libertarian world is progressive. You've taken on rigid ideological terminology as doctrine and forgotten these things have shifting contexts.
    • RP
      Raoul P. | Founder
      19 December 2020 @ 00:36
      Peter - I wish to remind you of the "Dont be a Dick" rule on RV/
    • AH
      Aarona H.
      19 December 2020 @ 04:17
      @Lewis don’t chide us with how you define ‘progressive’. we all know what it means today and it does not align with libertarianism
    • PU
      Peter U.
      19 December 2020 @ 16:13
      Raoul, I am offended by your suggestions that I am being a dick. My comment regarding Mike's politics is just obvious (look at all the other comments as well). I didn't put Mike down for being a progressive, I merely provided my view that, IMO, bitcoin aligns more closely with libertarian principles than progressive principles. There hasn't been an interview that Mike either insults the political class that he doesn't associate with or comments that progressives have it right on all matters. In one interview on RV he commented on how attractive AOC was and that 'if he weren't married, he would date her . . ' My comments were neither mean spirited or dickish.
    • Hv
      Hannah v.
      19 December 2020 @ 19:33
      How about this tip Peter: if you wouldn’t say it in front of Novogratz’s family (wife Sukey and 4 kids) at a Saturday BBQ, then don’t type it into a public forum. It is poor taste to envision divorce (also death, sickness or despair) upon a family to make a political point. #adhominen.
    • PU
      Peter U.
      20 December 2020 @ 09:03
      Hannah V. maybe you should pass that "advice" on to Mike, as any married man would not publicly say "AOC is hot" and other inappropriate comments (which he did and it is on RV's prior interviews!). I merely brought it up again. If it was ok with him, than I can discuss it at the BBQ.
    • WT
      William T.
      21 December 2020 @ 03:53
      The only presidents I'm interested in are the dead ones...the ones on the currency
    • LS
      Lewis S.
      22 December 2020 @ 21:29
      It's a context specific word, what it means to you isn't what it means to Novogratz. If you think things need fixing you're progressive, if you think things aren't broke so don't fix them you're conservative, if you want things to go back to the way they used to be then you're regressive. Simple as that, why ossify the terms and make them meaningless?
    • LS
      Lewis S.
      22 December 2020 @ 21:40
      'any married man would not publicly say "AOC is hot" and other inappropriate comments' You're hopelessly old fashioned! People know how to chill in the 21st century, including wives.
  • SZ
    Shana Z.
    22 December 2020 @ 14:29
    Since the money is a human society game, I would say BTC it is the best money game so far human created. It solved one most important issue I personally concern is: Digging the gold is a bad action which is destroying the whole environment, truly wasting the natural resources like cutting trees down, damage the soil, polluting water... Since it's the game, it should be a sustainable game without hurting mother nature. Comparing costing energy of electricity, I would say digging the gold waste way more energy than using sustainable electricity from solar power.
  • JT
    Jefferson T.
    22 December 2020 @ 13:58
    I think ETH becomes BTC's scaling solution. Already so much BTC is locked-up and transmitted on ETH (WBTC, RenBTC..). A good solution as block rewards drop too - especially for smaller/retail user transactions.
  • BB
    Branko B.
    22 December 2020 @ 13:12
    Hej Mike, how many emails did you receive during the interview? :)))
  • RH
    Rashida H.
    20 December 2020 @ 22:47
    I like Novo but DAMN I wish he would have let Raul talk more. He kept cutting him off!
    • GD
      Graham D.
      21 December 2020 @ 22:14
      It’s maybe a consequence of doing the interview over Zoom. But Novo’s an interesting guy and clearly didn’t mean to be rude, why quibble if he accidentally cut Raul off once or twice?
  • MM
    Michael M.
    21 December 2020 @ 20:48
    My stylist asked me today "What is Bitcoin?" I said "Image heroin, wrapped inside a crystal glass flute filled with vintage Champagne that could be transferred to people using Venmo all over the world, and never be counterfeit, always 100% pure, but there is less and less new supply every 4 years and the more people that taste the Champagne and pass along the "H" the more they want more." She said "I have no idea what the hell you just said but it sounds FRICKING AMAZING, where can I score some?"
  • TH
    Tyler H.
    21 December 2020 @ 19:05
    "If you had asked me a year ago if Visa would be launching a level 2 protocol on top of the Ethereum block chain to use usdc into their 30 million merchants I would have been skeptical" Just a thought for the team, it would be cool if you guys can send an email to interview guests before the interview to show them how to disable the sounds for their notifications
  • MD
    Mark D.
    21 December 2020 @ 08:11
    And i thought my saw neck was from my need for my new mattress. This last 10 minutes of this conversation was pure gold!
  • MW
    Marshall W.
    21 December 2020 @ 06:45
    Interview was excellent.
  • RC
    Rob C.
    19 December 2020 @ 15:10
    Hey guys, around about 15:30 what is the Bitcoin/Ethereum chart Raoul is talking about. Did he say something about a "cross"?
    • WP
      Warren P.
      20 December 2020 @ 00:55
      He referring to BTC/ETH cross. ETH bottomed and looking to move on up vs Bitcoin
    • RC
      Rob C.
      20 December 2020 @ 04:21
      Thanks, Warren
    • AG
      Adrian G.
      20 December 2020 @ 09:54
      @Warren you mean ETH/BTC. @Rob everyone tracks alt coins with respect to BTC. No point looking at USD since most exchanges are BTC based and BTC is where the alpha is.
    • RC
      Rob C.
      21 December 2020 @ 05:31
      Yes, thanks, Adrian, I look at that chart all the time. I thought that ETH was moving up vs. BTC back in July/August but it went back down again. I'm not a technicals guy. Was it a "bullish harami cross" he was referring to? If so, would it be on the daily?
  • DM
    Dominic M.
    21 December 2020 @ 00:22
    10/10
  • GA
    Greg A.
    19 December 2020 @ 01:35
    Raoul, you need to interview Eric Townsend and debate him on why he thinks Bitcoin and current blockchain are doomed. I would love to se the punches and counterpunches from both sides
    • AM
      Alexander M.
      19 December 2020 @ 04:30
      He changed his mind. Thinks everyone should have some? bitcoin. Realised his mistake when all the institutions blindsided him to fill their pockets when he was still shouting it wouldn't catch on.
    • CK
      Chris K.
      20 December 2020 @ 08:00
      alex - do u remember which interview it was that he capitulates? would like to hear his reasoning / thought process
    • AG
      Adrian G.
      20 December 2020 @ 09:57
      Townsend just invested big in Abaxx. He's definitely changed his tune. I just got in on Abaxx. Decentralized tokenized futures exchange sounds pretty cool to me. They're closing the deal with a reverse merger on the TSX this week.
    • BT
      Boris T.
      20 December 2020 @ 23:41
      Absolutely second this suggestion from Greg. It would be a great discussion.
  • CS
    Clay S.
    20 December 2020 @ 22:05
    I am embracing Raoul's point of view that BTC is the most logical trade today. To date, I have had several hold backs to that all-in embracement. One reason is the fact that although I have a home in the USA, I reside half-year in another home which is in a low economic developed country. Electrical outages/brown-outs and internet connectivity issues there are a very real drawback for BTC transactions/security. However, my largest concern has been the idea that government intervention messing up the BTC legality. Possibly making it illegal, or taxing heavily, thereby undermining BTC gains. I watched Neil McCoy-Ward's you-tube today and he placed me at ease. He points out that institutions, such as Raoul has been pointing out, and insurance companies as Novo pointed out; the government is interested in supporting these investment houses, and their BTC purchases. The government does NOT want to be an obstacle because the pensions staying afloat are in the governments bests interests. If BTC is one of the vehicles, then so be it. I now view the Western governments interests being in aligned with my BTC interest. I guess I am saying that I am understanding more everyday. (But will still hold gold and silver.) Good discussion here.
  • LF
    Lex F.
    20 December 2020 @ 19:16
    Novo making mirrored-glass popular again.
  • DP
    David P.
    20 December 2020 @ 18:28
    Novo has a picture of 2Pac on the wall? Legend!!!
  • MB
    Marc B.
    20 December 2020 @ 11:05
    Amazing interview, Novogratz is a great guy
  • sd
    steve d.
    20 December 2020 @ 10:41
    5* RV. A really great interview. RV now providing best content in the space.
  • Rv
    Robin v.
    20 December 2020 @ 07:53
    Mike is likely the coolest guy in the crypto space. Love listing to him. Always ahead and willing to share his knowledge.
  • rk
    robert k.
    20 December 2020 @ 04:53
    Great interview. If it doesn't make you think, you don't think.
  • DW
    Dean W.
    19 December 2020 @ 23:42
    Good interview. The crypto adoption process is still so early that no knows how this will all play out even the know-it-all’s who post silly comments below. I’m hodling for the long term. Need to add some eth to my mix.
  • MG
    Manish G.
    19 December 2020 @ 20:07
    Brilliant interview. Mike is always so open and insightful. Loved it.
  • GW
    GERALD W.
    19 December 2020 @ 19:54
    If he thinks the Trump Administration "has a stink about it", just wait until Biden and Harris have been in office for a while.
  • AL
    André L.
    19 December 2020 @ 19:23
    About the communities of some alt-coins and the true value of those coins: the value of some assets depend almost entirelly on its community. Examples: baseball cards, Magic The Gathering cards... So it's an argument I don't really understand. But there are "shit-coins" and exit scams, no doubt about it. But the same exists with some companies.
  • JA
    JAK A.
    19 December 2020 @ 19:14
    Thanks Raoul,thanks Real Vision for this great interview.
  • JT
    John T.
    19 December 2020 @ 15:48
    Good interview. I always enjoy listening to Mike.
  • JT
    John T.
    19 December 2020 @ 15:31
    Governance with AI-optimized voting? Haha...no thanks.
  • SZ
    Shana Z.
    18 December 2020 @ 13:39
    This is great interview, thank you so much! Some people are saying one day the Quantum Computers will Break Bitcoin. Would be possible you can find any professional people to answer this concern?
    • LS
      Lewis S.
      18 December 2020 @ 23:35
      Surely that is just part of the general problem of quantum computers breaking our entire society in every which way?
    • CH
      Crag H.
      19 December 2020 @ 11:05
      Lewis is right. Breaking SHA256 or RSA would break every bank and defense department on the planet. Also, when this becomes possible I'm pretty sure new, quantum resistant algorithms have already been developed and deployed throughout the industry.
  • mg
    matthew g.
    19 December 2020 @ 03:48
    Great interview. What do people use to look at Bitcoin Yield curve?
    • CH
      Crag H.
      19 December 2020 @ 10:41
      Still early, don't know many good resources tbh. Interest rates at BlockFI and Unchained Capital pops to mind as well as the Lightning Pool orders account on Twitter: BlockFI interest rates: https://blockfi.com/rates/ Unchained Capital interest rates: https://unchained-capital.com/loans/#reference-interest-rates Lightning Pool orders: https://twitter.com/LightningPool More on Lightning Pools: https://lightning.engineering/pool/
  • TP
    Timothy P.
    18 December 2020 @ 18:21
    Another day, another RV Crypto video that uses "Marketcap" like its a good metric. Can you guys please get your act together? You look like rank junior analyst, first day on the job. If you have any concern about not looking foolish, I suggest you look into IntoTheBlock and CoinMetrics indicators. Other comments: "Stable"coins -- They exist because the legacy banking system sucks so bad, they had to invent a liquidity shim to stand in its place. Anyone in conventional finance should be embarrassed this happened. altcoins - In many industries, there is originally a whole universe of them, then they consolidate as the useless money grabs go out of business, while the more worthy get bought out. There is no way in hell that every coin that exists has any value. The market is a great arbiter for this - for instance, the trashbag coin XRP is valued at .57 cents per, which is about 50+ cents too high. Take a look at the rolling drawdown chart. This emphasizes what I've been saying forever -- that altcoins are called shicoins for a reason, they don't have value, so they are deflating endlessly down the long tail of failure. Chart -- https://i.postimg.cc/vZDmBwYp/Coin-Metrics-Rolling-Drawdown-2010to2020.png That is the future of most, if not all alts -- introductory spike, then the long decay to irrelevance. Please try to improve your skills regarding crypto, RV. Right now as it stands I wouldn't subscribe to this channel if it became a standalone tier.
    • TP
      Tom P.
      18 December 2020 @ 20:39
      The link to the charts is interesting. Thanks
    • AC
      Andrew C.
      18 December 2020 @ 21:18
      They discuss it using market cap and not a per share/ per coin metric because Novo is basically looking at it like a venture capitalist. It's more important to look at market cap from that standpoint to get an idea of adoption rate which is what he frequently talks about how he looks at, in comparison to other macro assets S&P vs. Treasuries vs. Gold vs. Oil or certain Fx. So he primarily is concerned with money flow in, not trying to be snarky here but from a VC perspective that makes sense, and it is simple. Usually more simple analysis and metrics work better on very complex systems from his perspective. He's a top down, big picture guy and you may be more of a bottoms up micro guy. Both add value.
    • TP
      Timothy P.
      18 December 2020 @ 21:23
      @Andrew C - if they're such "macro" guys then they should use the right metrics for comparison. Nice try, though - and as far as money flows are concerned, IntoTheBlock and CoinMetrics has better flow data than their simple-simon "marketcap" analysis. They're still acting like total day-one n00bs, and I wish RV would wise up.
    • AC
      Andrew C.
      18 December 2020 @ 22:05
      I think you may be missing the point, "Timmy".
    • JV
      Javor V.
      18 December 2020 @ 23:25
      Seething
    • TP
      Timothy P.
      19 December 2020 @ 08:17
      @Andrew C - I don't miss a goddamn thing. But here I am, sitting in my shorts watching charts while you do whatever you do working for someone else. I usually don't bring up this point, but you seem like someone that needs a bit of an attitude adjustment. If you were doing so well, you'd be doing better than I am -- and frankly, I doubt it. Especially with your "logic". I'm winning, and you... well, you're just in the ratrace. Try to get smart.
  • JP
    John P.
    18 December 2020 @ 18:07
    You do realize half the country supports trump. You elites are hilarious. “Trump guys will have trouble finding other jobs”. So incredibly arrogant.
    • LS
      Lewis S.
      18 December 2020 @ 23:25
      The notion is that it's the dumber half.
    • MP
      Michael P.
      19 December 2020 @ 05:34
      Feels like a few wealthy elites who have massive bitcoin holdings, associate with each other and drive the narrative. They talk to each other at the Hamptons cocktail party and fear missing out. It's a fraternity. They wont be the bag holder, you will. Really arrogant breed. Don.t know where crypto is going but would not want to have a drink with this guy.
  • JG
    Job G.
    19 December 2020 @ 02:56
    1. Just uplug the bloody thumb drive or whatever is making the noise 2. Eth and shticoins are going nowhere, " ghost chains" lol
  • RT
    Robert T.
    19 December 2020 @ 02:23
    Novogratz is booleash https://www.youtube.com/watch?v=8rGuH0vBLLs
  • JM
    Jack M.
    19 December 2020 @ 02:13
    This is awesome. Real vision has the best crypto content on the internet.
  • AB
    Andrew B.
    19 December 2020 @ 00:56
    Long crude, copper, nikkei, and BTC! LETS GO!!
  • TH
    T H.
    19 December 2020 @ 00:10
    I hope Mike can connect with Rep. Tlaib, Rohan and team on the proposed legislation and in general. I think there could be a real meeting of these like minds, and perhaps even some new avenues for cooperation. It's unfortunate that a progressive in Congress is, I think, unwittingly doing the bidding of mega banks that aren't in the least interested to serve poor constituents or the billions of unbanked people in the world unless it is to exploit them, as well as potentially stifling democratizing, empowering technology and innovation in a country in desperate need of future job prospects. With politics at a near dead end, one of the best things progressives can do is to educate regular people on crypto and how to end the abusive relationships they are in with monopolistic banks.
  • GP
    Gregory P.
    18 December 2020 @ 23:23
    Someone needs to tell Mike to mute windows notifications during interviews. Great interview and insights! Loved it.
  • BM
    Brian M.
    18 December 2020 @ 14:26
    Does anyone know why Galaxy insiders are dumping their holdings?
    • DL
      D L.
      18 December 2020 @ 18:29
      where did u see this? I saw ur comment then checked out their sedar filings, didn't see anything, haven't found it on a inside selling website either
    • BM
      Brian M.
      18 December 2020 @ 19:39
      INK insider selling report, but here is a link to some other info: https://twitter.com/tommidummi/status/1339627198311874560
    • AC
      Andrew C.
      18 December 2020 @ 21:07
      Novogratz had commented before on his sale, and there are press releases about it. I believe he was donating the shares to a nonprofit he is involved with (possibly the criminal justice reform org?), but he still controls close to 80% of the float. Not sure on the others and I cannot find any news on it.
  • RM
    Russell M.
    18 December 2020 @ 21:05
    Tremendously educational!!
  • JC
    Justin C.
    18 December 2020 @ 20:40
    Tupac was a big El Pollo Loco guy. Might need to replace that picture of Colonel Sanders
  • IH
    Ian H.
    18 December 2020 @ 19:32
    Well done gents. Fantastic convo
  • VS
    Ville S.
    18 December 2020 @ 19:21
    Love the tupac painting..
  • ND
    Nivtej D.
    18 December 2020 @ 17:40
    Awesome interview! Maybe start a series with Novo on how Galaxy projects work. The Galaxy BTC ETF for example. Thx!
  • CN
    Christopher N.
    18 December 2020 @ 17:09
    That was a great sweeping interview with very substantial comments on Crypto and also some great macro discussion. Very foundational, but simple view view on how you should segregate BC amd possibly ETH in how you construct a crypto portfolio. Love Novo!
  • SD
    Sim D.
    18 December 2020 @ 16:52
    Really like Novogratz. Seems like a knowledge caring guy.
    • SD
      Sim D.
      18 December 2020 @ 16:52
      *knowledgeable
  • JD
    Jonathan D.
    18 December 2020 @ 16:45
    Colonel Sanders and Tupac! The guys is just amazing!
  • MJ
    Marius J.
    18 December 2020 @ 16:37
    10/10
  • MN
    Mark N.
    18 December 2020 @ 16:18
    Anyone else kept thinking they got new mails and messages?
  • AP
    Adam P.
    18 December 2020 @ 15:13
    Novo is awesome. Loved this.
  • TM
    Tommy M.
    18 December 2020 @ 14:38
    Can we get the transcript, please?
  • TL
    Tom L.
    18 December 2020 @ 12:56
    Great interview who just bought more? ;)
  • TB
    Timothy B.
    18 December 2020 @ 11:24
    More of this please
  • MF
    Michael F.
    18 December 2020 @ 10:34
    What's the name of the intro song? Sounds like something from M83
  • BS
    Benjamin S.
    18 December 2020 @ 09:00
    Excellent interview. Mike's point about why he stays involved with macro trading is an important one. Mike's points about taking money off the table when valuations reach crazy levels (specifically with alts) is also useful. Despite his long term conviction in some projects, he is still willing to sell into too much optimism.
  • AR
    Andrew R.
    18 December 2020 @ 06:31
    You guys are great. I always like it when you two get together. Dan T and Dan M also!!
  • CK
    Chris K.
    18 December 2020 @ 05:52
    Novogratz and Raoul are a huge reason why institutions are coming in. Thank you both.