Billionaire Mike Novogratz criticized Ripple’s XRP and advised against buying Dogecoin in a recent “Earn Your Leisure” interview with hosts Rashad Bilal and Troy Millings.
The CEO of crypto-merchant bank Galaxy Digital said he is not concerned about bitcoin’s long-term health because institutions like Goldman Sachs and JPMorgan are entering the space.
He predicted that cryptocurrency investments would make up 2% of global wealth within two to three years, up from its current share of half a percent.
Here are Novogratz’s 10 best quotes from the interview, edited slightly and condensed for clarity:
1. “Over the years, the XRP Army has built a real community of people who really want to believe it. It reminds me a bit of Trump supporters, and they’ll think you stole the election. You can tell them anything. It’s like 9/11 conspiracy theories. There’s a little bit of that in cryptography. They don’t even look at the truth sometimes.”- On why XRP ruptured from Ripple.
2. “I have never liked the XRP token because you have one group that owns a lot of it. Not to mention that the SEC breathes in the necks of the CEO, the founder, and the company.” Ripple tokens are considered a “painful deal.”
3. “No, you shouldn’t buy Dogecoin. You should probably sell Dogecoin now that it has risen to 42 cents. But there are a lot of uneducated investors who are feeling energized at the moment and want to get involved.” – People asking for advice on buying meme-based currency.
4. “I think crypto returns will outpace stock bullshit, but not forever. They will reach equilibrium, and there is no free lunch in the world. Right now, it seems like there is free lunch because the government is losing everything.” – About the potential of crypto as a new asset class.
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5. “People want insurance. Bitcoin is insurance, and governments know that.” – on the possible deterioration of the US dollar.
6. “What Bitcoin is saying to governments is ‘You guys are doing such a bad job with your budget deficit.’” You are printing money. “My mother used to say ‘Money does not grow on trees.’ Currently, money grows on trees.” – On the negative long-term effects of massive stimulus spending in the United States.
7. “I am buying in stock on Facebook. One of my favorite trades this year is that I sold a bunch of call options on GameStop because the volume (the volume) was so stupid, I bought Facebook stock and Facebook calls. I bought it, because I know at some point This half of next year, they’re coming out with a crypto wallet called Novi – unfortunately not named after me.”
“So, Facebook goes from $300 to $400. I think, I hope so.” – On digital wallets expected to replace bank accounts.
8. “Ethereum is probably the winner of the decentralized supercomputer that powers all these new businesses, all these new ecosystems.” – Among the ‘hot’ cryptocurrencies is logically solid.
9. The one thing Republicans and Democrats agreed on was that they hated Mark Zuckerberg. – OhThe CEO of Facebook is defending his company’s proposed stablecoin, Diem, against privacy concerns.
10. “Macro markets have never been more interesting and cryptocurrency is a macro on steroids right now. So it’s a great time to be a trader, it really is volatile.” – About the explosion of interest in the cryptocurrency ecosystem.