Here’s Why Mike Novogratz Doesn’t Want Bitcoin to Reach $1 Million

During a recent appearance on Professor G Pod with Scott Galloway, Mike Novogratz, prominent investor and founder of cryptocurrency-focused financial services firm Galaxy Digital, ) expressed concern about the potential fallout from bitcoin’s $1 million valuation.


Specifically, he criticized a recent prediction by venture capitalist and former Coinbase CTO Balaji Srinivasan, arguing that such over-forecasting could put the crypto industry on a par with U.S. government officials. The relationship between them is tense.

“While the dollar is being attacked elsewhere, it doesn’t help. I’m very careful not to make things too dramatic myself.”

According to Novogratz, Bitcoin is a report card for governments, reflecting their ability to manage populist spending and maintain stability. He noted that Satoshi originally created Bitcoin out of concerns about government populism and the subsequent erosion of stability and civil society.

When discussing the crypto industry, Novogratz emphasized the importance of prudent investing and the challenges of navigating volatile markets. He highlighted the shift many cryptocurrency companies have undergone, from an anti-government stance to a search for legality and compliance.

Regarding the recent CFTC lawsuit against Binance, the cryptocurrency mogul said he does not believe there are serious problems with the exchange and that most of the alleged breaches occurred before 2021.

When asked about FTX’s controversial CEO, Sam Bankman-Fried, Novogratz said he thought Bankman-Fried could be And jailed, but he did not explain why.

Novogratz also addressed the SEC’s role in regulating the crypto industry, suggesting the agency may have over-regulated due to past mistakes. He expressed hope that the U.S. justice system will not be subject to political influence in its approach to cryptocurrency regulation.

As for restoring confidence in the crypto industry, he emphasized the importance of patience and hard work. He highlighted the involvement of influential people like Abbie Johnson, who sees the potential of digital assets as a store of value in the global financial system.

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According to USA Today

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