Who is Novogratz?
Earlier on in the week, founder and now CEO of Galaxy Digital Capital Management – Michael Novogratz – was seen interviewed on Bloomberg TV. The CEO is well known around the industry for being a partner at Goldman Sachs early on his career and moving on to serving on many boards of directors and trustees. He is a Cryptocurrency enthusiast and it is reported that by 2017, Novogratz had made over $250 million from Cryptocurrencies alone with the majority of this deriving from Bitcoin and Ethereum.
And His Thoughts?
Although the public is still skeptical about the Cryptocurrency industry, Novogratz is an absolute ambassador for Cryptocurrencies. He was that passionate about the market that he left his job on Wall Street to concentrate on his love of the Cryptocurrency industry.
He is convinced that we will see the equivalent of another Internet launch with the Cryptocurrency industry. Michael suggests that by 2033, Blockchain and the whole financial industry will be in a completely different place. However, Novogratz does think that the Internet and Cryptocurrency revolutions are very different. The Internet revolution was a lot more open to one and all in the early stages whereas the Cryptocurrency industry was only accessible by rich US citizens at the start. So it was a lot more selective in the beginning. Michael highlighted that at the moment the dot.com bubble effect has not hit the Cryptocurrency market quite yet as the total value of the market is still not high enough. Although going on current statistics this will not take too long. He went on to say that the Cryptocurrency market needs to reach the $20 trillion total market value before we are at the dot.com bubble stage.
The founder of Galaxy Digital Capital Management also elaborated on his views on Blockchain during the interview. He stated that Blockchains really do require a big user base and a solid developer team in order for them to be successful. Without this user base and established developers, there is very little chance of getting anywhere for a Blockchain. Great advice for those in the industry.
The Future Stars
Novogratz has confirmed his thoughts on the Blockchains that he thinks will be long-term achievers. They are: Bitcoin; ethereum; EOS and Telegram. The latter of which has yet to even be launched.
The biggest concern for the general public is the huge impact that this new generation digital economy will have on their lives and industry in the future. The changes that could result from Blockchain are immense. But no-one knows what the future holds or indeed how far we would have come with the Cryptocurrency industry in this short space of time. It is a total unknown and unpredictable industry. The talent pool in the Blockchain industry is getting stronger by the day and the possible outcomes of the new technology and Cryptocurrencies has vast opportunities that could well be life changing across the globe.