Mike Novogratz on DeFi
From Investing in Crypto with Cathie Wood & Mike Novogratz | Crypto Bahamas · · SALT
“I think the entire financial services sector is going to have some days of reckoning. I don't I think DeFi it's exploding you're right it cuts the middlemen out cuts the cost you know as I mentioned even so so trading and sales all of this is already being automated right and many people think on the asset management side we'll be safe we won't be safe you know we're trying to figure out how to integrate ourselves into digital wallets which digital wallets are going to win right and we're also looking at this new asset class where effectively we have to we have to not only manage the assets but actually activate them and that's a very different world.”
On , Mike Novogratz, CEO & Founder at Galaxy Digital, spoke about DeFi during Investing in Crypto with Cathie Wood & Mike Novogratz | Crypto Bahamas on SALT.
About Mike Novogratz
In recent public appearances and earnings calls, Mike Novogratz discussed the state of financial markets, Bitcoin, and regulatory developments. He described the U.S. stock market as potentially entering a bubble phase, driven by AI enthusiasm and large upcoming IPOs, and suggested that investors who want to bet against the market should buy long-dated put options rather than shorting directly. On Bitcoin, Novogratz stated that the U.S. will not use taxpayer dollars to buy the cryptocurrency, though he said there is a 50/50 chance the government might symbolically add seized Bitcoin to a reserve. He attributed Bitcoin’s prior rally largely to Michael Saylor’s leveraged buying at MicroStrategy, and said that if Bitcoin falls significantly, MicroStrategy stock would suffer. Novogratz predicted that if the GENIUS Act stablecoin bill passes, Bitcoin could reach $100,000 by the end of 2026, but he noted that the bill faces political obstacles, including opposition from banks and disagreements among senators. On Galaxy Digital’s Q1 2026 earnings call, Novogratz said the company is transitioning toward infrastructure, including data centers and tokenized securities, and that its trading volumes remained flat despite a 20% drop in crypto prices, which he described as a sign of decoupling from market cycles. He expressed optimism that the Federal Reserve will cut rates by the end of the year, which he said would support crypto prices. Novogratz also commented on the broader crypto landscape, noting that retail attention has shifted to sports betting and other speculative outlets, while institutional interest is growing. He reiterated that the identity of Satoshi Nakamoto is unlikely to ever be known, and called that anonymity a positive feature for Bitcoin.