Great interview. And very apt that Mike Novogratz is the guest in a video that is 69 minutes and 42.0 seconds long

A pitty that they didn't further elaborate on the non-flow of money in the domestic currencies. A proper understanding in comparison with the buying of the US treasuries would have been nice to reflect on, in particular related to RMB even with the treasuries held offshore

I have been watching RealVision since its launch. With the possible exception of Paul Krugman, Novogratz is the most repulsive and logically flawed guest that RealVision has ever had on.

Raoul, if you get a chance watch the documentary called 13th. It focuses on the 13th amendment which abolished slavery, unless you’re a prisoner; then you get to work for free.

Phenomenal interview. This is Real Vision at its best. People revealing their thoughts process as friends. Helping everyone else think about interesting questions and flex that intelligence muscle. Thank you.

Although I hold almost completely opposite views to Mike it's good to hear his side and gain insight into his position.

Chainalysis is not a security company. It's a spying company used by governments to track your entire financial life. Bitcoin is dangerous for your security, it exposes you to government thugs and to all kinds of voyeurs. An inconvenient truth: Monero is what Bitcoin is supposed to be: cypherpunk money for free people that don't want to be government slaves.

very good interview it help a lot thanks for the time

I really love Real Vision, and I admire Raoul greatly and hope to have a career half as interesting as his but, he doesn't get bitcoin and neither do any of these older money managers. I bought a few bitcoin in 2012 when I was a Comp Sci undergrad. At the time the promise of Crypto made me an evangelist. I became disillusioned during the multi-year run up in BTC prices, and sold nearly at the peak as the bubble popped. Entry: $85; Exit: $17,967. I only share this to establish bona fides. The problem is, still today, no one talks about what burst that bubble and if/how that problem could be addressed. It's not my style to write essays in comment sections so I'll cut it short. If you have a problem with fiat money, central banking and Jay Powell then why does no one ever talk about the central bankers of bitcoin: the developers? People claim up and down that bitcoin is digital gold, that it's immutable, but in fact every code commit on their Github is an alteration of the system. Who is the man behind the mask? Some guy named Wladimir van der Laan ultimately controls what happens to the code but decisions are made by "consensus" on small online mailing lists. These are the people who allowed the world's most predictable car crash to proceed anyways, in spectacular fashion with transaction fees hitting $150 at one point. These are the same people who never really did anything to fix it. What happens when blocks fill up again? Unless there's a change in the code, same exact thing: mempool explodes and transaction fees go wild. I can pretty much guarantee that neither Raoul nor Mike knows what a mempool even is. This is a big problem, and it makes their recommendations look quite uninformed. There are other fatal flaws to bitcoin, the hugely unequal distribution of early mining being a prime example but I've made my principal point: people still don't understand bitcoin. Satoshi Nakamoto was a genius, and I'm confident we will all use a cryptocurrency one day. I'm equally sure it won't be the original BTC chain, so don't buy that unless you want to trade it purely speculatively, a game I still dabble in (halvenings are easy money every time). Hodling is as stupid as it sounds. Happy to elaborate if anyone's actually interested.

Get past the weird flexing on half of America, talk of living wages then saying he's invested in sub-prime credit (LOL!) how a prison looks like slave ship in NY harbor, wondering why his office looks like a Dollar General manager decorated an IKEA furniture display, and there are some interesting insights about the economy (high-end restaurants have 7-8% margins, so even a return to 85% normal doesn't get the job done), how he lays out why traditional guys will have to get into BTC, and the nuanced difference in how PTJ bought BTC.

what a political idiot....just another moron who does not have a clue why Trump got elected!

Another useless interview with a guy who just doesn't get it. AOC bright and politically smart? She's about as smart as a can of corn. Clueless!

As a relatively new subscriber, IMO this is one of the best interviews I've seen on RV so far. MN is highly knowledgeable, relatable, and interesting. As a non-professional in the money world, MN's macro perspective and insights into crypto triggered a whole bunch of ideas for me as well as delivering a couple of "aha" moments. I thought MN's philanthropic work and insights into social justice were right on the money. It's nice to see a billionaire with a concern and willingness to use their great fortune to help others less fortunate. So what if he has a bias? EVERYONE is biased. You can probably tell what mine is from the above. Clearly though, MN's biases haven't prevented him from doing well for himself. As the philosopher Bruce Lee said, “Absorb what is useful, Discard what is not, Add what is uniquely your own.”

Mike's political bias is too obvious to take his pov seriously.

"The republicans are trying every dirty trick in the book" ARE YOU KIDDING ME? I'm no fan of the GOP but I'm 67 years old and I've never seen a more corrupt group than the current Democractic leadership. This guy doesn't even mention this. Difficult to give this guy's opinion any currency. I can't listen to him anymore.

Love the AOC comment making people lose their mind in the comments section. To those who can't stand her... think carefully about how she makes you feel. Then try to imagine how Trump might have made the most left-leaning people feel. Then try to imagine how those left-leaning people, and their hatred, and their agenda, motivated and galvanized people to support Trump for president. Now you can appreciate the rising probability, however remote, of her winning the presidency someday if our current trajectory continues.

About 37' in, Novo talks about he "thought about selling" into the halving. Said he "didn't sell a nickel" and "bought a little more below" BS. I bet Novo sold off 1/3 of his position before the halving and bought it back at a loss after the PTJ letter. He was too animated about the topic for his story to be true.

Buy calls on AOC because she’s smart and good looking? Not sure if that American flag is from a serviceman who has passed away, but I’m pretty sure (if it is) they didn’t die wanting a communist like AOC trying to advance her beliefs. She’s like Pelosi on steroids.

During the Spanish flu America lost 675,000 people - India lost 20 million -are we enroute for the same?

The most important thing i have learned in life about other people is that they have political opinions, then all other opinions they have are highly suspect. Politics is pro-wrestling, and people who think it is real are kooks.

Wow...... interesting interview....... Part of the social Justice reform that needs to go on in America and elsewhere is a Huge TOPIC. Listening to Mike Novogratz speak about prison reform was not pleasant as crime in America is a REAL ISSUE and takes much more intellectual understanding then just letting people out of Jail for crimes committed. He made it sound like America is like communist China throwing people in jail for nothing. Let's speak about all of the issues that caused the breakdown in communities and ask WHO's Policy's caused these breakdowns in the first place. Leave politics out of the equation and be more objective to this HUGE social issue and rather than trivialize it. Prison reform is a BIG Issue but there are BIGGER societal issue that cause people to commit crime in the first place. Having said that, I give him credit for trying to help in his own way, just did not like the left wing blame everyone talking points and embedded bias. Coming from a Macro Guy who should be able to speak deeper on a topic such as PRISON REFORM without acting as if everyone that gets locked up is a victim. Turned a lot of people off but at least he has everyone talking about a real issue(s) and for that I thank him for that - see the comments below. I am not going to let that thinking block out all of the good insight he gave on other topics. Mike did give some good business insight on crypto and even mentioning that taxes will go higher if another party takes office. I listened and learned his thoughts on Bitcoin and found it very interesting. Still worth listening to his views and still could take away value from the conversation. For the record, I am an independent. More social liberal and fiscal conservative. The Big issues discussed happened over many many years and not just by one party. Think about it clearly! Regards to all.

I love your content Raoul, but you fucked up interviewing this tool. MN has a history of failure

Keep an eye on tBTC – non-custodial Bitcoin on Ethereum. Very different to wBTC which is custodial. Why Bitcoin on Ethereum? Because Ethereum enables a non-custodial user experience that the masses can use. Right now great UX is not possible with Bitcoin unless you give up custody. With Ethereum it's possible to have a non-custodial wallet without knowing anything about private keys, long addresses or even transaction fees. Check out Argent if you don't believe me. tBTC will bring great, non-custodial UX to Bitcoin.

"Obamagate - kinda made up old news." A seated President conducting an illegal investigation into an incoming President using files paid for by the DNC and then leaking information to a criminally negligent media is either neither 'made up' or 'old,' but nice try Mr. Novo. Otherwise - loved every minute of the conversation with my man Raoul.

Good intent here, but the overall sentiments/understanding of digital assets seem somewhat dated. That being said, it is very valuable for us to see further evidence that despite its technical deficiencies, Bitcoin overwhelmingly remains the crypto darling of the big institutional players...however, why always the strategic avoidance of examining high potential players with more compelling use cases like Ripple's XRP? Chainlink anyone? : )

As someone who holds crypto listening to this guy makes me want to sell.

Rao - around 25:00 you mentioned the growth of stable coins but didn’t touch on the other side of that equation of $usd held in a trust account that backs the stable coins. What is the size of that demand to back the stable coins and do you consider that in your $usd framework or is it too small to make any difference? Ie does this also drive/perpetuate further demand ($milkshake) or does the demand manifest in stable coins?

Turned off 3rd way through . This was a political rant by a Democrat supporter no help here for me in Australia. More content and less politicizing please. (Oh my ten cents worth if MN is so concerned about safety and preventing death the democrats are pro death not pro life. I will leave it at that.)

I'm on a $1 trail. Came here for just straight financial talk but I keep running into Democrat authoritarian propaganda. Probably wont be paying more than $1 for that

The TDS is strong is Novogratz. Clearly reads NYT from start to end with sparkling eyes. Pathetic.

I’d be very interested to see a 3 person interview each with a different perspective on BTC explaining their investment theses and debating the merits and risks with a degree of intellectual humility (which Raoul demonstrates constantly to his credit).

I disagree with his inflation statement. Inflation did show up, in food prices and housing. In Los Angeles, homes in the hood cost $750k. A meal now costs $13-$15 for junk food. Steaks cost $20. Yes, min wage did improve but it still takes 8-10 years to save money to put down on a home (assuming 100% of min wage income is saved Gross). In the 80’s, at $4/hour it took only 3-6 years to save for a down payment on a home. Maybe inflation doesn’t seem like it increases for the wealthy who earn well above min wage yet pay market prices but in terms of proportion of income to food, housing and healthcare - believe me as a blue collar person, things are unaffordable everywhere (unless ofcourse if you’re rich, which is when $150/week on wine and dine seems like nothing, $415/health/m seems like nothing, etc). His statements very privileged. It’s a trend in personality which takes place every economic event. The wealthy pretend they’re struggling then say things like “inflation never appeared”. This interview is all personality and opinion *shrug*

I've seen a few videos where Raoul Pal clearly showed he knows very little about Bitcoin (he made some statements that are factually incorrect). When they hype it up like in this video I am now even beginning to question his integrity. That's a bit of a shame, as he (as surely many of you agree) seems to be a nice person.

Great interview. Can't believe the negative comments - too many people who cannot see beyond their politics. Novo is a macro guy who understands the btc space. He does not need to be able to explain the tech as well as a btc coder; I'm not listening to this cos I need to know what a stable coin is. I'm listening cos Mike is a finance guy who knows the bitcoin space. Key takeaway: he knows that once Facebook bring out a wallet where you can bounce from digi dollar, to libra to btc then BOOM. 3.5 billion people suddenly get exposed to btc. Does anyone need any other reason to be long on bitcoin? I really liked this interview. They had to talk around the election cos its almost here and affects things in a major way.

Great interview. MN hinted a lot of background works for access and infrastructure prep to have BTC in large accounts, which is very interesting. He gave a few temporal predictions about the chatter, that is good enough to take out from this interview. BTC has a lot of weakness, friction in transaction and legal standing but people will flock it one more time. Regarding the reviews, especially AOC and MNs views. Clearly AOC is a winner to piss off so many 1 percenters. If you cannot stand any praise of her, try taking hydrofingclorixine as prescribed.

Sorry this guys is a blatant liberal. I don’t have any political affiliations but calling AOC incredibly intelligent is ridiculous. Calling for BYND to be profitable “at some point is intellectually dishonest and lazy. Not even goi g to finish this crap.

Dear Visionaries - Thank you for making a huge effort to allow content with different political opinions not turn into tribal mudslinging! We are all able to shape our community into something special, one the is hugely tolerant and welcoming of free thought. As you know, our guests are allowed to have political opinions and they are allowed to differ from your own and we must respect that. It also doesn't require an outraged comment from you. Your own politics are not what the piece is about. It is about the guest. Respecting and actively encouraging others' broad and different opinions is all that is good in society and shouting down anyone with a different view or only wanting conformation bias is all that is bad. We should all be working hard on creating the former - an incredible place to hear all sides of any debate - bull/bear/left/right/gold/bitcoin/cyclical/secular/China/India/ Thanks for in the main part, keeping it respectful and allowing others to hold their own opinions without fear of recrimination. We can show the way...

Oh No! He slightly criticized Dear Leader! Let’s see how many on the comments lose their shit!

Too political and too far off the topic of markets and macro.

Novogratz on AOC . . . "she is smart, she is brilliant" . . . now you just lost a ton of credibility

AOC is smart!?? that’s all I needed to hear.

Seriously people. 80% of the time discussions in finance have a market-oriented, and thereby politicaly more conservative leaning. That's fine and kind of inherent in the subject matter. Investors with left-leaning political opinions accept that and deal with it every single day without much complaining. Now suddenly a successful and famous investor like Novo expresses his leftish poitical leanings and everyone is up in arms. How about you just deal with the fact that some people have different opinions than you do and can still be successful as investors? Take any good nuggets you can find from the interview and then move on. If you can't stomack different views being expressed on RV, maybe this is not the right community for you.

First 27 min were insufferable... past dat, decent Raul is phenomenal at this concept. Accepts all his guests give, honors it, all while maintaining the direction of the interview. I might disagree politically but celebrate that this outlet does not censor Thank u for dat... we need to hear all

Great listening to you both. You have some of the best content on the internet.

Mr. Novogratz' comment on the polarization example of the security guard being shot by patrons who did not wish to wear a mask (and saying 'merica) was willfully ignorant or intentionally insulting. Based on the demographics (location: Detroit metro, race of assailants: African-American), it is unlikely that the crime was committed by Trump supportors. I will give Mr. Novogratz the benefit of the doubt and assume that he was willfully ignorant. That being said, although unrelated to economics, ignorance is not something I value in prognosticators.

"The democratic base is fired up!", really? is it? Have you seen the 'town halls' with Sleepy Joe? The guy is way, way past his prime, it makes me cringe (from sadness) just watching him. Just because progressives came out for Bernie in the primaries does not mean they will 'vote blue no matter who', as 2016 was an example of. Many of them know that the system must change, and if there is one person who's going to continue to break it, it's Trump.

I really liked this video. I love how Real Vision gets people from a variety of backgrounds, with a broad spectrum of views, as panelists. The reality is that not everyone is emerges from the same cookie-cutter and we do all have different and varied beliefs. Mike Novogratz is a great example - plus he's smart, experienced, and he has learnt all the way along his journey. This guy knows Bitcoin and crypto. Definately one I'll be coming back to.

The funnier thing is that Novo has all these platitudes and makes constant reference to race ... I'm sure he'd be just fine living side by side with all those "black and brown people" that got sent to that "slave ship" (his words not mine). They're just there for really no good reason at all, trust him. Oh yeah, I forgot, easy to say when you have a million dollar high rise in Manhattan. Can anyone say Ivory Tower? I bet his kids are in majority black schools, too. Those of us who actually were, we know better. Stick to Bitcoin, bro.

I would love a little transparency on how much Novogratz has donated to Joe Biden and other Democrat campaigns so that we can be enlightened about his conflict of interest here, which is pretty apparent. This is the first interview that I've been really disappointed in. Enough partisan politics! Man has my opinion of him really changed!

When talking about major institutional adoption, why doesn't anyone mention the elephant in the room, central banks! Until central banks and nations horde bitcoin, it has no value. Even if the top 10 hedge funds in the US start allocating assets to crypto, it will never reach gold status unless its universally backstopped by centralized systems.

PARTISAN! We have the most reflexively partisan president ever, who can't take a breath without turning it into toxic, divisive "us against them," and you accuse Novo of being partisan? Sorry, no lectures on partisanship accepted from the Marie Antoinette Caucus. Thank heavens we've got breadheads with a conscience, who are not terminally self-righteous followers of the Prosperity Gospel. Selfishness is not a virtue. Callousness is not a virtue. Dismissing Novo out of hand because his politics are not reactionary will minimize your ability to function in the brave new world that awaits us.

AOC? Come on, she is a joke.

I hate political bias in financial interviews.

Candidly surprised at so much negative sentiment in the comments. As a retired boomer no dog in the bitcoin fight which prompts so much passion. Doubtless the future is digital in some fashion though maybe not blockchain (is that a landmine statement?). Boiling it down if dems win big is an increase in taxes and regulaltion. That alone is a reasonable framework for the near term at least along one dimension.

Gave this one a like despite being diametrically opposed politically. The prison reform issues are important to highlight, as is the fact that AOC is pretty... I’m not so sure that she’s smart though.

Had to stop when he said AOC was smart... seriously?

Don't care for politics, but Bitcoin (BTC) is the present, it's the future. It's even the past, as the best performing asset of the past decade by far. Ya gotta own some BTC. Save it, protect it. And if you haven't been paying attention to it, you really should. Ethereum? It's good for loverloaded kitty collecting game networks, ICOs and other scams. I like experimenting, but the idea of kids experimenting with other people's money isn't my thing. ETH is an eternal prototype and test sandbox - BTC is a bullet proof store of value that will demonetize Gold. The future is bright, but it sure isn't shiny.

As far as DLT you should look at Hedera Hashgraph. The asymmetric risk reward in hbar right now is multiples of what I believe btc is. It has real enterprise usage with over a million transactions a day currently. Just look at who is on the governing council (who actually own the network).

Novogratz is very dissappointing. He still does not understand that what is off the "blockchain" can not be verified by the "blockchain." He uses the example of a Transscript on the "blockchain." However one must still trust a trusted 3rd party. This is no different than calling the university. The reason bitcoin works is that the verifying nodes can verify transactions on bitcoin itself. But bitcoin can not verify what happend off of bitcoin. Andreas Antonopolous calls it jokingly "bannanas on the blockchain." Blockchains are poor centralized databases. Their purpose, i.e.bitcoin's purpose is to confirm transactions and to verify that those transactions are valid. This has tremendous value. There is only one "blockchain" worth owning that is bitcoin. If it is not sovereign censorship resistant the whole thing is pointless. If it can be changed it is pointless. Bitcoin was not ready out of the box. The base protocol has been developed over the years by developers and over time the base protocol will have additional scaling layers which ultimately handle most of the transactions and are "proven" cryptographically to that base layer from the other scaling layers.. No protocol (blockchain or tangle or hashgraph or whatever) can handle all the transactions which will take place among millions and billions of people . These will happen on scaling layer and ultimately be "proven (my word) the base protocol, bitcoin. I hope this helped some who are interested in learnign more. Beware once you go down the rabbit hole you will find bitcoin possibly the most interesting intellectual challenge you have ever encountered in your life.

Very disappointing guest and interview. Guest couldn’t clearly articulate the point of stablecoins, just mumbled something about it being a “wrapper”. Guest made the risible claim that sending something on the blockchain is much simpler than sending a wire transfer “because your secretary’s going to have to call my secretary and it’s this whole process”. Noted that younger generation does everything via Venmo which begs the question, “so what does Venmo solve that bitcoin doesn’t”? Then host and guest finish with vague, completely nonspecific hype about the shitcoin space.

Wow! TDS and virtue signaling.

I learned a few things in this interview... AOC is smart and politically savvy... The democratic base is fired up... and will show up in troves for Biden. lol.. That Novo guy has been spending too much time in the NYC bubble, he's blinded by this progressive ideology and it makes for a poor lecture of the current situation. Glad to see Raoul stayed level headed and that he tried his best to keep this discussion on a rational level.

AOC would be horrendous for the US economy and average American.. This is a typical example of an elitist in their ivory tower imposing opinions that would be terrible for the majority of average people..

Thumbs up for Raoul. Thumbs down for Novogasbag.

What a worthless interview. Should have said this would be a Republican and Trump bashing. Jeez. I could get this crap on MSNB. He actually used all the words and phrases from MSNBC and CNN. Worst you ever had.

Wow. This is one of the few video that I’ve seen so many comments. So I decided to read the comment section for the first time and most of it is trying discredit Novo because of his political leanings. And he’s not even that extreme. I thought investing was all about controlling your emotions and looking at facts. Geez.

Ideological Thinker. Not a critical thinker. Raoul asked a hard and useful question. Other than gold or BTC what you invest in and he meandered around range trades. One trick pony?

Pls bring Prof. Richard Werner for interview...

As I seem to recall, his macro fund numbers at Fortress were abysmal and he was sacked...so why am I encouraged to listen to him opine on matters? If I am wrong about Fortress, please provide information.

Not the content I was looking for

What is the safest, simplest way to invest in BTC?