Billionaire investor Mike Novogratz talked about why he is so bullish on decentralized finance (DeFi) while appearing as part of a panel at the SALT New York 2022 conference.
Former hedge fund manager Novogratz is the Founder and CEO of Galaxy Digital, “a technology-driven financial services and investment management firm that provides institutions and direct clients with a full suite of financial solutions spanning the digital assets ecosystem.”
Novogratz’s comments were made on September 12 at a panel (titled “To the Moon and Back: Macro Outlook for Digital Assets”) moderated by SkyBridge Founder and Managing Partner Anthony Scaramucci.
According to a report by The Daily Hodl, this is what Novogrtz had this to say about DeFi:
“I always say DeFi is going to win because it’s a better product. It’s composable. It’s transparent. It settles automatically. It’s just a better product, so [its] going to win in the long run. In the short term, there are a lot of people that don’t want it to win.”
On September 20, the Galaxy Digital CEO was asked to share his thoughts on the crypto market. His comments were made during an interview with Andrew Ross Sorkin on CNBC’s “Squawk Box”.
Per a report by The Daily Hodl, Novogratz had this to say about Ethereum and Bitcoin:
“Ethereum has had a pretty big move down. We had the merge. The merge was an amazing accomplishment in lots of ways, right? It shows that a decentralized community can accomplish something that’s really complicated. And so I think we’ll look back on that as something really significant. You know, Ethereum had gone from $1,000 to $2,000. And so now you’ve had a real big pullback. It feels like $1,250 should be the bottom here and so I think you’re closer to the bottom than the top...
“There’s a put in Bitcoin somewhere because you just see these institutions all getting engaged slowly. And so when I see this adoption when I see BlackRock doing a deal with Coinbase and their own fund… you just know people are coming to buy and so, you know, could Bitcoin go lower? Of course, it could but I don’t think there’s a catastrophic fall...
“You’d be more neutral here and you’d be waiting to see the Fed pivot. And then I think you are going to see a big, big rally in crypto.”