The Greatest Macro Environment of All Time

Published on
May 18th, 2020
Duration
70 minutes


The Greatest Macro Environment of All Time

The Interview ·
Featuring Mike Novogratz and Raoul Pal

Published on: May 18th, 2020 • Duration: 70 minutes

Mike Novogratz, founder and CEO of Galaxy Digital Holdings, is one of the most prominent advocates for digital assets and blockchain technology, but he’s also a successful and well-respected former macro hedge fund manager. In this interview with Real Vision CEO and founder, Raoul Pal, Novogratz puts his macro hat back on to help viewers make sense of a world in crisis. He explains how he thinks reopening will play out for different types of businesses, the political ramifications of the crisis on the U.S. presidential election, and the best macro trades he sees for 2020. He also discusses bitcoin, the effect of big names like Paul Tudor Jones declaring their bullishness, and his philanthropic endeavors in prison reform. Filmed on May 13, 2020.

Comments

Transcript

  • PS
    Patrick S.
    25 May 2020 @ 07:58
    Great interview. And very apt that Mike Novogratz is the guest in a video that is 69 minutes and 42.0 seconds long
  • JC
    Jonas C.
    25 May 2020 @ 07:04
    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
  • JL
    James L.
    24 May 2020 @ 23:31
    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.
    • JL
      James L.
      25 May 2020 @ 04:18
      I agree
    • CS
      Collin S.
      25 May 2020 @ 06:31
      Wow! I'm a Plus member, Pro being a little rich for my ordinary blood :) Knowing what Real Vision was set up to do and given what these men could and do successfully charge for their insights and guidance it's startling and alarming to read such your comment here. Where you drunk or stoned? Not that it is characteristically uncommon of the hosts and guests on Real Vision, but Mike Novogratz is about as Man of the people as you are likely to find. To say those things about him, you must know him outside of the Real Vision world. Coming to know of him from this interview, for his choice to work guiding those who need a role model he is clearly a man amongst man. For a successful man to share both his experiential and financial capital with those seeking similar success, even when he intends not only to bestow and guide but also participate in their success, his actions are Noble and industrious. I guess, without hazard, that meeting Mike Novogratz in a local bar and discussing favourite sports teams over a beer would reveal little to suggest his knowledge of macro or his success with it. To know his resume in advance is not an invitation to judge. Judgement passed in disagreement with another man's views should be for the benefit of that man and not the benefit of man passing judgement. For that reason, judgments should almost never be made in a public forum. in writing this it might be fair to call me a hypocrite. Either way, I remind myself that judgement is in the mirror and reflects more on the judge than the judged.
  • Hv
    Hannah v.
    24 May 2020 @ 20:36
    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.
    • Hv
      Hannah v.
      24 May 2020 @ 20:36
      It’s on Netflix.
  • ML
    Mehdi L.
    24 May 2020 @ 19:24
    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.
  • JC
    JAKE C.
    24 May 2020 @ 14:56
    Although I hold almost completely opposite views to Mike it's good to hear his side and gain insight into his position.
  • AT
    Andrea T.
    18 May 2020 @ 18:27
    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.
    • BC
      Benjamin C.
      18 May 2020 @ 19:08
      loads and loads out there for privacy in btc. Check out samouri wallet
    • TD
      Timothy D.
      18 May 2020 @ 19:36
      The govt can track Monero too.
    • BW
      Brad W.
      19 May 2020 @ 14:34
      Gov can track Monero? How? Once it leaves a KYC/AML exchange, please explain how it is tracked. I don’t think so.
    • TP
      Timothy P.
      19 May 2020 @ 15:14
      Sorry, but Schnorr Signatures will make Monero obsolete. Its far easier for Bitcoin to adopt new featuresets than it is for someone to launch a dedicated token that tries to solve one problem. You'll see this happen again and again, as most alts become redundant.
    • BW
      Brad W.
      20 May 2020 @ 00:28
      You didn’t answer my question. How can the gov track monero after it leaves exchanges? I hope BTC can introduce privacy as you say, but it is my opinion that it will take time. Segwit didn’t exactly happen painlessly or quickly, did it? Also, attempts to introduce said privacy measures into BTC will likely be met with real resistance by governments. Don’t get me wrong, I hope it happens.
    • pg
      pierre g.
      20 May 2020 @ 05:41
      @Timothy D. I've been hearing about Schnorr sigs for ten years now, like almost every developmental project on the BTC chain I have extreme doubts. Lightning Network anyone? 2015 Whitepaper, today a pathetic $9m in btc in the network. Nice 2nd layer.
    • BW
      Brad W.
      23 May 2020 @ 22:55
      Pierre, I'm with you for the most part relating to the slow pace of BTC development. However, I consider the slow pace of development a feature and not a bug. Optimizing for store of value and security seems like a good thing, especially given the role I think BTC will play in the coming reset alongside gold. WRT lightning network, you are right that it hasn't really taken off yet, but I'm not counting it out.
  • ER
    Ernesto R.
    23 May 2020 @ 19:58
    very good interview it help a lot thanks for the time
  • pg
    pierre g.
    20 May 2020 @ 03:45
    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.
    • RS
      R S.
      20 May 2020 @ 04:11
      Excellent comment!
    • SP
      Steve P.
      20 May 2020 @ 06:40
      Exactly. It’s code and code is written by people. The idea that people can control and decentralize a popular currency and decide on a value chain which assigns value to the crypto is a super important element in economics. As kids, a holographic charazard card could earn me either $200 at the comic book shop or all my 3rd 4th 5th grade math homework finished by Andy the magnet programs genius. Groups of people eventually will see crypto less as a complex cryptocurrency but the philosophy of a private value chain.
    • JV
      Jan V.
      20 May 2020 @ 10:51
      The bitcoin standard makes a few interesting observations about the concerns you raise: -Concerning developers making changes to the code: "bitcoin coders, for all their competence, cannot control bitcoin, and are only coders to the extent that they provide node operators with software the node operators want to adopt. A change that puts the node who adopts it out of consensus with other nodes requires all other nodes to update in order for the node initiating the change to remain on the network. Should a number of nodes adopt the new consensus rules, what emerges is a hard fork. To the extent that changes have been made to the software, these can be best understood as improvements to the way in which an individual node interacts with the network, but not alterations to the bitcoin network or its consensus rules". -Concerning the block size/scaling issues: "Bitcoin can be seen as the new emerging reserve currency for online transactions, where the online equivalent of banks will issue bitcoin-backed tokens to users while keeping their hoard of bitcoins in cold storage, with each individual being able to audit in real time the holding of the intermediary. This would allow an infinite number of transactions to be carried out online without having to pay high transaction fees for on-chain transactions. These banks would settle payments between their customers outside of bitcoin's blockchain and then perform daily settlement between each other over the blockchain". Apparently Hal Finney came up first with in idea back in 2010.
    • RH
      Rory H.
      21 May 2020 @ 03:11
      I can't not respond to this, but I only have time for one rebuttal: - You have isolated the "bubble" as though it was a one-and-only event, which it is not, and if you understood bitcoin you would know is part of the natural price discovery and asset distribution mechanism (bitcoin distribution *is* fair) that is working oh-so-beautifully right now. The many bitcoin "bubbles" (new ATH's) are natural in a new emerging market and asset class with such a significant trust/knowledge barrier. Every new ATH brings in more noobs, who educate themselves, some stay, some leave, but net-net the knowledge base and trust in bitcoin grows while price continues to swing around the shorter term narrative and market demand - in a positive direction. The rest; developer centralisation and txn fees do little more than highlight your lack of understanding of bitcoin. Sorry. I guess that is the opportunity for the rest of us, though. You can still get in the top 1% of holders as an everyday citizen. Amazing - RH.
    • pg
      pierre g.
      23 May 2020 @ 18:06
      Yummy koolaid
  • RC
    Radigan C.
    23 May 2020 @ 04:29
    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.
  • pt
    philip t.
    22 May 2020 @ 22:41
    what a political idiot....just another moron who does not have a clue why Trump got elected!
  • tr
    tom r.
    22 May 2020 @ 20:59
    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!
  • LF
    Liam F.
    22 May 2020 @ 20:28
    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.”
  • SP
    Steve P.
    22 May 2020 @ 16:56
    Mike's political bias is too obvious to take his pov seriously.
  • CB
    Christian B.
    22 May 2020 @ 15:45
    "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.
    • DO
      DAVID O.
      22 May 2020 @ 16:43
      Agree, it's called PROJECTION. Projection is a defense mechanism in which the human ego defends itself against unconscious impulses or qualities (both positive and negative) by denying their existence in themselves while attributing them to others. Dems keep saying there is corruption on the other side of the aisle while all the facts show it's mostly on their side. Still, I enjoyed this conversation!
  • JC
    Joe C.
    18 May 2020 @ 19:40
    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.
    • AH
      Aaron H.
      18 May 2020 @ 20:47
      You agree AOC is smart?
    • JL
      James L.
      18 May 2020 @ 21:20
      AOC is incredibly smart. She's become a political icon in the space of two years from extremely humble beginnings. You might not agree with her (and on a lot of things I don't), but if you fail to see and acknowledge her incredible appeal and political nous then you're going to be left bagholding on this one.
    • CC
      Christopher C.
      18 May 2020 @ 21:56
      Yeah, in modern politics even bad press is good press because it raises your profile. So the people seething over her are just feeding the viral name recognition machine.
    • CL
      Christopher L.
      18 May 2020 @ 22:31
      Outstanding and perhaps prescient comment. If we choose ignorance to make ourselves feel better and close out other opinions, we narrow our vision and limit our understanding.
    • RP
      Raoul P. | Founder
      18 May 2020 @ 22:31
      Yup. Exactly. Novo's point too.
    • KC
      Kirk C.
      18 May 2020 @ 23:37
      He is discussing people in politics - not policy - real financial discussions might touch on policy which would tend to have a more small government/individual freedom aspect that some leaning left could consider conservative in their less rational moments. This guy is all about the politicians - not policy. THERE IS A BIIIIIG DIFFERENCE!!!!
    • SG
      Stephen G.
      22 May 2020 @ 15:22
      I was a bartender , think I'll run for prez. I know i would make a good one too.
  • MR
    Michael R.
    18 May 2020 @ 21:28
    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.
    • YK
      Yada K.
      19 May 2020 @ 01:02
      I had the same interpretation
    • SG
      Stephen G.
      22 May 2020 @ 15:18
      Kinda like W Buffet stating that he owned almost all the above-ground silver while laying it off by the ton?
  • MS
    Mark S.
    18 May 2020 @ 21:42
    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.
    • CL
      Christopher L.
      18 May 2020 @ 22:59
      As a veteran who served not once, but twice I wish to advise you that waving the flag while denigrating the views of others is unproductive. RV is a service that helps people understand the difficult environment in which we find ourselves. I personally wish to hear the opinions of all intelligent people and yes, despite how you or I may feel about populists (Trump, AOC, Saunders), they are intelligent and do have the ears of our fellow citizens. Listening to them and trying to understand why they took the microphone in the first place will help us gain the perspective that we need to navigate these fascinating times.
    • SG
      Stephen G.
      22 May 2020 @ 15:15
      We must listen to her and others of her age and ilk in order to understand how others relate to her. Communism is becoming more attractive to the young every day, ignorance or not. Mega-death always follows communism, and it is important that all know that painful history.
  • KR
    Kevin R.
    18 May 2020 @ 22:24
    During the Spanish flu America lost 675,000 people - India lost 20 million -are we enroute for the same?
    • SG
      Stephen G.
      22 May 2020 @ 15:10
      No, this is a "political flu." Hope u get over your fear.
  • CP
    Curt P.
    19 May 2020 @ 02:14
    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.
    • SG
      Stephen G.
      22 May 2020 @ 14:55
      And likewise, it is impossible to separate financial from political, as so many in this place are want to do.
  • TM
    Thomas M.
    19 May 2020 @ 02:17
    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.
    • SG
      Stephen G.
      22 May 2020 @ 14:53
      One cannot be a fiscal conservative, and a social liberal. You either know what theft is, or you don't. Just because the theft is piped through the government does not convert the theft into a good and moral thing.
  • DW
    Dan W.
    22 May 2020 @ 14:33
    I love your content Raoul, but you fucked up interviewing this tool. MN has a history of failure
  • GB
    Graeme B.
    22 May 2020 @ 12:58
    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.
  • TG
    Tony G. | Contributor
    18 May 2020 @ 16:11
    "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.
    • JC
      John C.
      18 May 2020 @ 18:01
      Novo tried to hide it but he is seriously left of center and has some pretty extreme views
    • JS
      Johannes S.
      18 May 2020 @ 20:41
      @John C. Novo didn't hide anything, he was very open about his political leanings.
    • AB
      Andrew B.
      18 May 2020 @ 21:44
      You say illegal .. what is the charge? Honestly asking. https://www.wsj.com/articles/an-unmasking-q-a-11589481210
    • PH
      Paul H.
      19 May 2020 @ 22:03
      Exactly! Thanks Tony.
    • JO
      Johnny O.
      22 May 2020 @ 11:45
      Spot on. You've focused on and exposed the worst clanger in the whole interview. Sedition is a big deal.
  • NK
    Nicolas K.
    22 May 2020 @ 09:58
    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? : )
  • JH
    Joel H.
    22 May 2020 @ 01:56
    As someone who holds crypto listening to this guy makes me want to sell.
    • SE
      Steven E.
      22 May 2020 @ 09:56
      Why, expound on that?
  • SE
    Steven E.
    22 May 2020 @ 09:55
    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?
  • rw
    richard w.
    20 May 2020 @ 05:50
    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.)
    • DG
      David G.
      22 May 2020 @ 05:25
      Pretty brutal video. The Democrats completely overplayed their hand and they're now being exposed
  • DG
    David G.
    22 May 2020 @ 05:21
    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
  • BJ
    Bob J.
    22 May 2020 @ 01:43
    The TDS is strong is Novogratz. Clearly reads NYT from start to end with sparkling eyes. Pathetic.
  • JK
    James K.
    19 May 2020 @ 03:14
    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).
    • CH
      Chuck H.
      22 May 2020 @ 00:31
      A suggestion I've made to RV. So I have actively supported your idea.
  • SP
    Steve P.
    20 May 2020 @ 06:35
    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*
    • CP
      Curt P.
      20 May 2020 @ 19:05
      There has been deflation in tradable goods (Made in Asia), and there has been inflation in non-tradable goods/services (land, education, healthcare, etc). If you work in the tradable good sector in US, you got screwed. If you work in the non-tradable sectors, you won. It's an imperial model after all. The model could only be sustained IF the US was able (through its military control of the SLOCs) to maintain value-chain dominance so as to maintain its rentier position over its vassals in Eurasia. This position creates great wealth for US elites, cheap goods for US lower/middle class, and no limits on gvmt spending to keep the peasants satiated enough that they don't tear the US apart. Trouble is, China is challenging US for technological dominance in key sectors, and Eurasia is very happy to help China along. Imagine a world in 5 years where all the cutting edge technology is designed and patented by Eurasians, while the US is the one paying royalties and tribute to Eurasia, a US whose exports are ag products, energy, and forestry. The standard of living of Americans will collapse. American companies will be devastated, The USD will no longer be the reserve currency, meaning there will be few buyers of USG debt, interest rates will skyrocket. Think Brasil or Argentina, that is where the US is headed. Now you might understand why the US is so keen to confront China now and crush its tech leaders.
    • AP
      Anne-Marie P.
      21 May 2020 @ 02:42
      I agree. Almost immediately you start witnessing a slight price rise in everyday items and groceries here in Canada, also. I don't know if this is true inflation, though.
    • PB
      PHILLIP B.
      21 May 2020 @ 23:08
      If you haven't noticed, many of the guests on RV are filthy rich. I'm never going to be one of them. I got over it a long time ago. Take what you can from the interviews, don't get upset, and don't get wiped out.
  • RA
    R A.
    20 May 2020 @ 14:03
    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.
    • PB
      PHILLIP B.
      21 May 2020 @ 22:51
      So what? It's an investment and macro thesis that they are talking about here and in almost all places BTC content that comes up on RV. Who cares that a couple of people in an interview have a different belief system or philosophy than you do. If you are holding some BTC, and it goes up, take the ride. Who cares. Don't make a point about how smart you are and how dumb other people are.
  • ST
    Stephen T.
    20 May 2020 @ 23:54
    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.
    • PB
      PHILLIP B.
      21 May 2020 @ 22:44
      I agree re comments. Amazed at all the thumbs down. Agree about needing to see beyond politics. My wife would cringe if she knew I subscribed to Maybury's EWR newsletter. But I do. Siphon in all perspectives, make decisions, and angle for some luck.
  • EA
    EMRAH A.
    21 May 2020 @ 05:10
    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.
    • PB
      PHILLIP B.
      21 May 2020 @ 22:41
      The pendulum swings, 1 percenters were in ascendent for decades, since early 80s, earlier depending on chart. Taxes are going to go up on 1 percenters and probably everyone else but maybe not as much. Personalities are not going to be material in this. Probably not going up any time soon. Maybe by about 2024. Maybe at a point soon after GDP returns to Jan 2020 levels. Let's hope to avoid Japan's mistakes of increasing taxes as soon as there is growth, perhaps around 2025 here, GDP willing.
  • JL
    John L.
    18 May 2020 @ 20:55
    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.
    • JH
      Jesse H.
      18 May 2020 @ 21:17
      What a shame, John, that your biases are stopping you from listening to the whole interview. Whether you like AOC or not really doesn’t have to stop you from absorbing the brilliant insights of Novogratz here. That’s sad that it does. Cheers.
    • RP
      Raoul P. | Founder
      18 May 2020 @ 22:29
      John, please read my comments below. We don't care about your politics. You shouldn't care about someone else's. Jesse is 100% correct.
    • JL
      John L.
      21 May 2020 @ 21:19
      In the spirit of free expression...I will say what I want and I don't care what Jesse says...and I don't find Novogratz incredibly insightful so it's not a loss, there are plenty of forward thinkers that don't feel the necessity to pepper their discussion with their own political leanings...Don' be so sad about it...
    • JL
      John L.
      21 May 2020 @ 21:20
      BTW take a look below....Alberto said the same just a little more eloquent.
    • JL
      John L.
      21 May 2020 @ 22:18
      BTW my comment is not about his politics...anyone that knows Novo and knows his twitter handle he is unabashedly a liberal...it's the idea he would call AOC incredibly intelligent...SHE'S NOT....AND for that matter the BYND comment was IN MY OPINION ridiculous. I don't need to hear much more than to know his previous interviews and where this was going to decide it was anemic....
  • RP
    Raoul P. | Founder
    18 May 2020 @ 14:25
    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...
    • GS
      Garrett S.
      18 May 2020 @ 15:18
      Well said Raoul. I'm always for free speech and tolerance regarding any views political or financial. Keep up the good work bud.
    • AB
      Andy B.
      18 May 2020 @ 16:10
      We should all take you as an example. When Mike made positive comments about Ray Dalio twice your eyes were literally about to pop out. But you kept your gentlemen composure. Well done Raoul.
    • TG
      Tony G. | Contributor
      18 May 2020 @ 16:12
      So well played Raoul.
    • CT
      Crispim T.
      18 May 2020 @ 17:35
      Raoul is the man. And 25% in BTC. This guy fires synapses the right way.
    • eg
      edward g.
      18 May 2020 @ 19:44
      Raoul, as at hardcore BTC hodler, I think you should get a Bitcoin skeptic on this channel. Roger Ver might be a good choice. Couple angles to consider in Bitcoin not mentioned often, especially in the “Maximalist” camp. The Bitcoin Standard is a great book but it espouses the Bitcoin Maximalist perspective. Bitcoin was not perfect when it was released, and is not perfect by any means. The project is under active development. If you look at the bitcoin 0.0.1 code it is very very messy. Bitcoin is just software. I can send you a copy of the software if you would like. The project has nearly died several times due to developer disagreements. You can learn about hard forks and the Bitcoin Cash debate by listening to Roger Ver. Take a look at quantum computers and the danger they pose to modern encryption. Some experts believe Bitcoin could be cracked by quantum computers in 2022. A Bitcoin Cash developer found a bug in Bitcoin a few years ago that allowed someone to CREATE as many BTC as they wanted to. It was only due to the goodness of that developer that the entire project was not destroyed. Remember, Bitcoin requires people to run nodes in order for the network to function. Gold and other hard assets do not. Behind the magic of Bitcoin are mortals writing and running software. It is a software project. Best
    • mi
      mitchell i.
      18 May 2020 @ 20:13
      Raoul is a pro
    • JH
      Jesse H.
      18 May 2020 @ 21:36
      Raoul - Thank you very much, sir. Fantastic content in my view, in spite of the dead-brained and emotional remarks of many of the people on this feed. We need to put politics aside, and listen thoughtfully to what someone says...especially someone as intelligent and seasoned as Mike Novogratz. In my view, this was the best interview to date of the Global Recession Series. Cheers, Jesse.
    • MD
      Matt D.
      18 May 2020 @ 23:49
      Well said Raoul. Just wanting to bring attention to the insightful comments of Edward G. Debate about that would be gold. I have been wondering how long it would take someone to mention quantum computing and bitcoin, let alone the behind the scenes beavering for bitcoin.
    • ef
      eric f.
      19 May 2020 @ 01:17
      On the flip side, the comments people make allows scientists like Darwin to prove their thesis...
    • RE
      Raymond E.
      19 May 2020 @ 05:40
      Alright! Over a hundred thumbs up and no thumbs down. I am pleased to see that others appreciate the idea of keeping the comments section on topic – finance and investing. I welcome hearing a bit of the interviewee’s views on politics – it gives some context to the rest of their views – but would strongly prefer that people posting leave their politics at the door.
    • TP
      Timothy P.
      19 May 2020 @ 15:10
      Edward G. - your suggestion to have Roger Ver on RV as a "skeptic" is puzzling. There are no shortage of Bitcoin skeptics, and there are many who haven't served time in the California Prison system like Ver has. I don't see the value in having someone on RV who is essentially using a mimicry campaign and deception to market his own vanity token, while holding BTC as a hedge for his scheme. Perhaps its useful as a study of how con-men work? I don't know, there's nothing of substance there besides that.
    • AK
      Alexander K.
      20 May 2020 @ 20:19
      Thank you Raoul. I think we all need to chill out more!!
    • JL
      John L.
      21 May 2020 @ 21:41
      Criticism is an expression NOT shouting someone down and if I disagree with your political judgement you feel freely to discuss you should be prepared to be challenged or ignored, PERIOD. I respect you and everything you do but I don't appreciate being told my opinion should be tempered because I don't agree with the guest.
  • WH
    William H.
    18 May 2020 @ 11:51
    Oh No! He slightly criticized Dear Leader! Let’s see how many on the comments lose their shit!
    • jR
      james R.
      18 May 2020 @ 14:47
      Probably nowhere near the number that lost it during Kyle Bass interview.
    • JC
      John C.
      18 May 2020 @ 18:10
      Orange Man Bad!
    • JL
      John L.
      21 May 2020 @ 21:35
      He doesn't have to criticize him for that...just call AOC smart and BYND profitable at some point and you lost credibility
  • NF
    Neal F.
    18 May 2020 @ 10:43
    Too political and too far off the topic of markets and macro.
    • JL
      John L.
      21 May 2020 @ 21:34
      AGREE!!
  • PU
    Peter U.
    18 May 2020 @ 09:23
    Novogratz on AOC . . . "she is smart, she is brilliant" . . . now you just lost a ton of credibility
    • YF
      Yuriy F.
      18 May 2020 @ 22:52
      Cheers Peter. I started thinking I am alone and missing something fundamental here.
    • LK
      Lauri K.
      19 May 2020 @ 03:51
      I think it was a very sarcastic comment.
    • RK
      Roderick K.
      19 May 2020 @ 05:36
      Don't confuse the logic and rationality of her political standpoints, which you may or may not agree with, with her political savvyness and her ability to maintain and grow a support base using social media. It's easy to bash her on her standpoints, it's rather more difficult to replicate her political success.
    • JL
      John L.
      21 May 2020 @ 21:33
      Thank you Peter, I agree with you 100%
  • AH
    Aaron H.
    18 May 2020 @ 20:46
    AOC is smart!?? that’s all I needed to hear.
    • JL
      John L.
      21 May 2020 @ 21:25
      LOL!! Good for you!
  • JS
    Johannes S.
    18 May 2020 @ 20:49
    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.
    • JH
      Jesse H.
      18 May 2020 @ 21:18
      Amen! Could not agree more.
    • MR
      Michael R.
      18 May 2020 @ 21:34
      Personally, I don't care about the politics. There just wasn't enough "meat on the bone" compared to other Interview segments.
    • RP
      Raoul P. | Founder
      18 May 2020 @ 22:30
      Absolutely 100% correct.
    • KC
      Kirk C.
      18 May 2020 @ 23:34
      He is discussing people in politics - not policy - real financial discussions might touch on policy which would tend to have a more small government/individual freedom aspect that some leaning left could consider conservative in their less rational moments. This guy is all about the politicians - not policy. THERE IS A BIIIIIG DIFFERENCE!!!!
    • JL
      John L.
      21 May 2020 @ 21:25
      SO it's ok to express your political leaning but if someone doesn't agree with them you should verbalize it...how millennial of you...
  • GL
    Gustavo L.
    21 May 2020 @ 15:22
    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
  • pn
    peter n.
    21 May 2020 @ 09:35
    Great listening to you both. You have some of the best content on the internet.
  • SR
    Steve R.
    18 May 2020 @ 13:29
    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.
    • CW
      CC W.
      21 May 2020 @ 05:23
      I follow Novo on Twitter. He is willfully pro Dems and anti-Trump. Let it be. That is his view and I can tell most of viewers on RV disagree.
  • AM
    Artem M.
    18 May 2020 @ 22:53
    "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.
    • LS
      Lemony S.
      18 May 2020 @ 22:57
      Check out the Primary Model. Trump 91%, it's even higher than in 2016, which had him at 82%.
    • JV
      John V.
      19 May 2020 @ 02:14
      The Dems are fired up because they cannot stand Trump. He is a sociopath, which is defined by: Glibness and Superficial Charm. Manipulative and Conning. They never recognize the rights of others and see their self-serving behaviors as permissible. ... Grandiose Sense of Self. ... Pathological Lying. ... Lack of Remorse, Shame or Guilt. ... Shallow Emotions. ... Incapacity for Love. Need for Stimulation. He is a con man who bankrupted 4 companies and now is trying to bankrupt our country with record deficits. He increased spending while cutting revenue. Who does that with low employment? I would vote for my dog over Trump and I will take my dog over Trump.
    • LS
      Lemony S.
      20 May 2020 @ 00:20
      ... your criteria condemn Barack Obama then too, if you wanna play that game. What's funny is that I bet you LOVE that man --- a guy who never ran a business or created anything, just used people's emotions and guilt to con them. But it's not like it was him, even, he was the utmost puppet in a long line of American presidents that share that characteristic, to one degree or another. I always love it when guys like you try to tell me that a community organizer and lifetime affirmative action candidate had merit. High comedy.
    • CW
      CC W.
      21 May 2020 @ 05:20
      People underestimate that voters cares about policy more than who can be more "Presidential". Policy will influence the market and people's life. Being "presidential" just make you warm and fuzzy. American is smarter than that.
  • MM
    Mark M.
    20 May 2020 @ 16:30
    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.
    • MM
      Mark M.
      20 May 2020 @ 16:42
      And in response to all the comments that this is not the content they're looking for, I can only say that in a macro environment and context this is exactly the content I'm looking for. I watch most of the videos here even if I don't agree with the guest's core principles - I'll still learn something. Thank you for having Mike Novogratz on - he is someone I can agree with, respect, and learn from.
    • FA
      Firas A.
      20 May 2020 @ 18:05
      This guy (and realvision) know absolutely nothing about Bitcoin.
  • LS
    Lemony S.
    19 May 2020 @ 00:42
    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.
    • MM
      Mark M.
      20 May 2020 @ 17:08
      Thanks for that. Nothing like a bit of casual racism.
  • JM
    Judith M.
    19 May 2020 @ 01:47
    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!
    • RG
      Raymond G.
      19 May 2020 @ 04:11
      Agreed
    • MM
      Mark M.
      20 May 2020 @ 17:04
      And of course, equal transparency for all other guests on who they donate to, I'm sure you would agree. Just because people don't identify themselves on the political spectrum doesn't mean their words are agenda-free. I absolutely respect those who have the honesty to be up-front about their political leanings.
  • hs
    hanumath s.
    19 May 2020 @ 04:55
    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.
    • HC
      Hao C.
      19 May 2020 @ 05:52
      Central banks/government only horde once they know people think its valuable. True of anything. Look at what gods are suddenly doing with PPE.
    • HC
      Hao C.
      19 May 2020 @ 05:52
      Govs. Def not gods*
    • CP
      Chamil P.
      19 May 2020 @ 07:31
      It's a hedge against a central banks and centralized systems. There is a cap on supply unlike fiat and the value is assigned by those who use it across the globe. It started at less than zero and is now at around USD 10,000 without institutional support, a CEO/Chairman, marketing etc. There's only ever going to be 21 million, 18.3 million are already in existence and most are held by those who believed in the project at the outset.
    • JD
      Jeffrey D.
      19 May 2020 @ 16:59
      We don't want them yet. We want them to buy at $500k.
    • RS
      R S.
      20 May 2020 @ 04:34
      Central banks only own gold and fiat. They will never buy bitcoin.
    • MM
      Mark M.
      20 May 2020 @ 16:57
      Russia owns Bitcoin already. Others will, soon enough.
  • DR
    Dick R.
    19 May 2020 @ 06:05
    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.
    • MM
      Mark M.
      20 May 2020 @ 16:53
      Testify!
  • JD
    John D.
    19 May 2020 @ 12:02
    AOC? Come on, she is a joke.
    • KK
      K K.
      19 May 2020 @ 13:15
      yeah right? I dont believe her policies wel do the world any good at all.
    • AC
      Antoine C.
      19 May 2020 @ 16:48
      Its shows how smart he is parroting main stream media like an NPC “ sHE bRaVE aN pReTTY ANd sMOrT”
    • MM
      Mark M.
      20 May 2020 @ 16:51
      Not to me.
  • DD
    David D.
    19 May 2020 @ 12:57
    I hate political bias in financial interviews.
    • PB
      PHILLIP B.
      19 May 2020 @ 17:23
      Presumably, you gave a thumbs down on the Kyle Bass interview, an interview that is distinguished by having a political bias greater than perhaps any other RV interview.
    • MM
      Mark M.
      20 May 2020 @ 16:50
      Everyone has a political bias. Most just pretend they don't.
  • EK
    Edward K.
    20 May 2020 @ 14:21
    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.
    • sb
      steven b.
      20 May 2020 @ 15:34
      could not finish this video. rambling on and seems like useless filler. a waste of my time.
  • SS
    Shanthi S.
    20 May 2020 @ 11:59
    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.
    • EK
      Edward K.
      20 May 2020 @ 13:21
      All things aside what I admire about AOC is that while everyone else accepts the status quo as business as usual she is genuinely disconcerted. The video where she showed homeless standing in line for lobbyists was illuminating and not atypical. She may tilt at windmills but you have to admire the moral courage.
  • BB
    Benjamin B.
    18 May 2020 @ 16:16
    Had to stop when he said AOC was smart... seriously?
    • TP
      Timothy P.
      18 May 2020 @ 16:29
      Just wait until you get to the part where he donated to bail criminals out of jail. Honestly, I'm aghast.
    • JC
      John C.
      18 May 2020 @ 18:00
      He said she was beautiful too....hmnnn
    • JS
      Johannes S.
      18 May 2020 @ 20:40
      Intelligence and political leanings are two completely different things. There are highly intelligent folks on both sides of the political spectrum, they just differet drastically in terms of their political philosophy. Whoever can't grasp that notion probably belongs to neither of them.
    • JH
      Jesse H.
      18 May 2020 @ 21:29
      After reading a lot of these comments, I just want RV to put the price back up to get some of you off the platform. It’s a pain reading such disrespectful and dead-brained remarks.
    • SS
      Shanthi S.
      20 May 2020 @ 11:56
      I think she’s pretty great looking, but from what I can gather, it’s her minders that are smart, not her. In any case it would be unwise to underestimate the influence she wields and the damage she can cause.
  • CT
    Crispim T.
    18 May 2020 @ 16:58
    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.
    • CC
      Christopher C.
      18 May 2020 @ 18:20
      This is the way I look at it: Bitcoin is sound money, but Ethereum will likely be the financial operating system that allows the current structures to be rebuilt in a global, decentralized way. Currently I see derivatives on Synthetix (https://www.synthetix.io/), tokenized art projects like SuperRare (https://superrare.co/), I see crypto wallets like Argent that allow you to easily earn interest on your stable coins (digital dollars like USDC, https://www.argent.xyz/), I see social trading platforms like TokenSets (https://www.tokensets.com/) that allow traders to set up trading strategies based on MAs or whatever criteria and users can pool their funds in with a trader and participate in the action. It's all super fascinating and growing at a rapid clip. It's a Cambrian explosion of activity and I spend several hours a day trying to keep up with it all. But this reminds me of the internet in the 90s, no one was quite sure where it would go and there was a lot of experimentation, but you knew it was going to change the world.
    • AA
      Andrew A.
      18 May 2020 @ 19:13
      Gold not going anywhere in my lifetime, or anyone else's currently alive!
    • MR
      Michael R.
      18 May 2020 @ 22:05
      Buy Bitcoin, keep it in a cold wallet, stamp your seed phrase on titanium plate, keep them in a safe and call it a day. Don't bother too much with Altcoins ($hitcoins). Check back in 5 years and plan a holiday.
    • SJ
      Stephen J.
      19 May 2020 @ 02:15
      I second Christopher C.'s reply to this comment. I love Bitcoin. Fell in love with it 6 years ago. But there is too much cool innovation happening on Ethereum to dismiss it out of hand as a $hitcoin. The three big problems that the crypto space needs to solve in order to be useful for a larger population are scalability, privacy, and fungibility. Ethereum is the only chain that will likely implement solutions to all of these problems. And right now, it's the only chain where I can put my money to work and earn a return on my assets without interacting with a bank.
    • pg
      pierre g.
      20 May 2020 @ 05:44
      You know how I knew it was time to get out of Bitcoin? When I saw people in finance who knew nothing about btc talking like the original poster.
  • BS
    Brandon S.
    19 May 2020 @ 15:42
    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).
    • BS
      Brandon S.
      19 May 2020 @ 15:57
      Hedera will replace Etherium, hands down. The cost of transacting is so much cheaper, the Hedera network is faster and more secure.
    • hr
      harlan r.
      19 May 2020 @ 16:42
      You have been misled!! The enemy has framed the conversation around transaction speeds. So that you will ask the wrong questions and get the wrong answers.
    • SS
      Suresh S.
      19 May 2020 @ 17:57
      How do you buy hbar? I don't think it's sold on coinbase.
    • JV
      Jan V.
      19 May 2020 @ 18:34
      It would be interesting to have an update about Hashgraph from Leemon Baird. He appeared on RV 2 years ago. It was announced as the blockchain killer. Haven't heard a lot about it since then...
    • RS
      R S.
      20 May 2020 @ 04:28
      Scam
  • JP
    J P.
    19 May 2020 @ 23:52
    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.
    • LS
      Lemony S.
      20 May 2020 @ 00:08
      At least from an investor's point of view, by the time these new challenges occur, the idea is that it'll already be at least a 10 bagger. So there's that.
    • JU
      Jonathan U.
      20 May 2020 @ 03:42
      Great stuff. Objective view on btc and Novo's interview
    • RS
      R S.
      20 May 2020 @ 04:23
      Or it will be another cryptocurrency
  • EV
    Erik V.
    19 May 2020 @ 23:22
    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.
    • PV
      P V.
      20 May 2020 @ 03:40
      In most countries around the world Venmo is not available... I know it may come as as surprise to people such as yourself but 95% of the population doesn't live in the US...
  • DS
    Dimitri S.
    20 May 2020 @ 00:38
    Wow! TDS and virtue signaling.
  • WG
    Will G.
    18 May 2020 @ 13:42
    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.
    • JC
      John C.
      18 May 2020 @ 18:07
      Bingo.
    • DB
      Douglas B.
      20 May 2020 @ 00:28
      "Blinded by ideology". You may want to look in the mirror
  • BB
    Benjamin B.
    19 May 2020 @ 01:37
    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..
    • DR
      Dick R.
      19 May 2020 @ 05:27
      Aside from the fact that you are completely wrong in every respect, thank you for posting. AOC knows a lot more about the average person than a certain president who was a millionaire in his own name at age 8.
    • PB
      PHILLIP B.
      19 May 2020 @ 17:26
      Please save opinions of this nature for ZH.
    • TS
      Thomas S.
      20 May 2020 @ 00:25
      Gotta love the part where MN says AOC is really smart. Hunh? Politically savvy maybe. Will look forward to a debate between AOC and Caruso-Cabrera. Doubt it will ever happen. AOC would get destoyed
  • CW
    Chris W.
    20 May 2020 @ 00:18
    Thumbs up for Raoul. Thumbs down for Novogasbag.
  • GW
    Gregory W.
    19 May 2020 @ 00:36
    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.
    • LS
      Lemony S.
      19 May 2020 @ 00:46
      I pointed these out below, which was the best part of the interview, in a sense. It is quite rich when we get lectured about "respect someone's politics" whenever one of these guys comes out. The reality is that if they had respectable points, we wouldn't really react. Most of the stuff that gets lambasted on here is because we know that nice, smart gentleman like Mr. Pal isn't going to cross a guest on his show, and he shouldn't. But that doesn't mean we can't do it on a more (honest) forum like this comment section.
    • PB
      PHILLIP B.
      19 May 2020 @ 17:29
      So, presumably, you gave a thumbs up to the Kyle Bass interview, an interview that is with a guest with the most outspoken political bias of any RV guest, maybe ever. Please keep comments of the nature you posted to ZH.
    • LS
      Lemony S.
      20 May 2020 @ 00:14
      No, because Bass's political comments are only really strong or insightful on China. If you look at my comments there, you can see what I posted about Bass's political attempts = I'm not that impressed. Tony G is much more accurate (he already posted down below), and he doesn't need to say he's "objective", like Novo does here, because he (Greer) has the facts and makes correct conclusions. Quite frankly, anyone speaking highly of AOC is even worse of a joke than she is.
  • HC
    Hao C.
    19 May 2020 @ 05:49
    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.
    • JF
      Josh F.
      19 May 2020 @ 07:14
      He's not remotely extreme.
    • JD
      Jeffrey D.
      19 May 2020 @ 16:58
      Finance unfortunately attracts a lot of outspoken hard-right people. Really a shame since if they do make money learning here you know many won't look to donate or make their communities better, just more greed.
    • LS
      Lemony S.
      19 May 2020 @ 22:58
      Not extreme? See my other comments, I fairly criticize him. Saying AOC is _ was going full retard.
  • PQ
    Peter Q.
    19 May 2020 @ 13:06
    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?
    • LS
      Lemony S.
      19 May 2020 @ 22:56
      He went the way of Hendry, that is, the dodo Now they know why a lot of us think that Taleb on that topic is right. Some guys just get lucky, it's not that they aren't intelligent, there are just far more of us with greater knowledge and wisdom that know better. Yet he still has the audacity to push ideology after even being humbled...
  • ZY
    ZHENG Y.
    19 May 2020 @ 13:07
    Pls bring Prof. Richard Werner for interview...
    • LS
      Lemony S.
      19 May 2020 @ 22:54
      I heard he's coming soon.
  • CM
    C M.
    19 May 2020 @ 17:46
    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.
    • LS
      Lemony S.
      19 May 2020 @ 22:52
      Yeah, I've said a lot about him, but the funny thing is that you first see that Hendry guy on a bender, and now this guy with all these dead wrong political predictions and takes ... what do they both have in common? You nailed it.
  • CR
    Connor R.
    19 May 2020 @ 22:20
    Not the content I was looking for
  • IZ
    Ileana Z.
    19 May 2020 @ 05:23
    What is the safest, simplest way to invest in BTC?
    • HC
      Hao C.
      19 May 2020 @ 05:50